Mid Rivers Newsmagazine 1-10-24

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4 I January 10, 2024 MID RIVERS NEWSMAGAZINE @MIDRIVERS_NEWS MIDRIVERSNEWSMAGAZINE.COM The Best in Steaks, Seafood, Pasta & Mediterranean Cuisine Happy Hour Menu! Tuesday - Thursday 4-6:30pm and Friday 4-6pm includes choice of soup or salad, entree, sides except for pasta, dessert, and beverage! Buy Two Dinner Entrees & Appetizer Get Bottle of House Wine Valid on entrees $14.99 & up. Up to 10 people per coupon. Up to $100 value. House wine choices include: Merlot, Cabernet, Chardonnay, White Zinfandel. Max one coupon per visit, per table. Void with other offers or specials. Present coupon when ordering. NO CASH VALUE. Please offer your server a tip on the total bill before discount. NOT valid with the Early Bird Special, Happy Hour or any Major Holiday. Dine in only. Expires 1/31/24. 636.916.1454 • 2275 Bluestone Dr. • St. Charles Law Matters I normally write stories about my clients in this column. Life can be interesting. But every once in a while, I need to write about a change in the law. And this new law has a major impact on small businesses. The Corporate Transparency Act was passed in 2021. The law was passed to combat money laundering by drug cartels, tax fraud, and the funding of terrorist organizations. All very laudable goals, but the law has a huge impact. Every corporation, limited liability company, limited partnership, or similar entities (called “reporting companies”) are subject to the law with very few exemptions. Exempted entities are those businesses already registered with the Securities and Exchange Commission, tax exempt organizations. Governmental agencies, and banks. You might notice that there isn’t an exemption for small businesses. That’s because there isn’t one. Substantially all small businesses are covered, even that LLC that owns your vacation home. And what does the law require? The Financial Crimes Enforcement Network (“FinCEN”), a division of the Department of Treasury, has created a massive database to collect business beneficial ownership information. (I’m sure that China won’t be able to hack that.) Reporting companies must file in the database certain information with respect to anyone forming a reporting company or anyone who is a “beneficial owner” of a reporting company, meaning anyone who owns 25% or more of the reporting company or anyone who can exercise “substantial control” over the entity. The information that has to be filed (and kept current) is as follows: full legal name, date of birth, a copy of a valid, government issued photo ID that includes the name and date of birth of the individual. The law also says something about a photo, but I wonder if the photo ID will satisfy that requirement. Existing entities have until December 31st to file, but new entities have 90 days. And this new law is not to be taken lightly. If you fail to file the reports as required, there is a $500 per day penalty up to $10,000 and up to 2 years of jail time. This is a serious law. So if you own an interest in a business, call your accountant. Everyone’s experience with estate planning is unique and you don’t always know what to expect. Fred has gathered some of the most interesting examples he knows into an entertaining and educational book. You Can’t Take It With You is available to order online at www.law-matters.net Fred L. Vilbig is an attorney with over 30 years of experience in the areas of wills and trusts, small businesses, and real estate. This column is for informational purposes only. Nothing herein should be treated as legal advice or as creating an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements. The Corporate Transparency Act View the Full Dinner Menu at www.spirosrestaurant.com or call 636.916.1454 (636) 537-7884 | fvilbig@lawmatters.llc | www.lawmatters.llc
YOUR PLANS. YOUR POSSIBILITIES. YOUR PLACE. START WHEN YOU ARE READY Spring Term starts Jan. 22 Spring Accelerated Term #1 starts Jan. 22 Spring Accelerated Term #2 starts March 25 February Start starts Feb. 5 May Mini Session starts May 15 stchas.edu 636-922-8000 SCC is an equal opportunity employer/program.
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Mid Rivers Newsmagazine 1-10-24

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