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377: Corporate Transparency Act: What Therapists Need to Know
If you are a therapist in private practice in the US, this episode will be helpful for you. We are breaking down the new legal requirements under the Corporate Transparency Act. This act requires that you comply by the end of 2024, so time is running out. This act is part of an effort to reduce money laundering by shell companies, focusing on business ownership. If you have an LLC or an S-corp, please take the time to listen and learn more.
Our Featured Guests
Dan Mayer and Dr. David Yood
Dan Mayer is an attorney who works with many mental health and healthcare practitioners. Dr. David Yood is a licensed psychologist and private practice owner who gives his perspective of the Corporate Transparency Act and its requirements. Dan and Dave co-host the Protecting Your Practice Podcast for mental health practitioners. In this session, they use simple language to explain what the CTA is, what the filing requirements and processes are, the implications of non-compliance, and the constitutionality of the act.
Protecting Your Practice Podcast
You’ll Learn:
- What is the Corporate Transparency Act (CTA)?
- Dave’s perspective about the CTA, his private practice, and compliance requirements
- A look at the compliance requirements of the CTA (mostly about ownership of companies)
- Who needs to register under the CTA? (Get professional help if you aren’t sure!)
- Thoughts on the constitutionality of the CTA
- Dave’s perspective on what the CTA requires of him
- Consequences of not filing under the CTA
- Dan’s recommendations for business owners
- Find out more about the CTA and how to file (in just a few minutes): fincen.gov
Resources:
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Mentioned in this episode:
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