It’s Time to “TrustUP”
By Dr. J. Ester Davis (esterdavis2000@gmail.com)
Almost two years to the day, Kingdom Concepts hosted the TrustUp Conference at the Galleria Convention Hotel with guest attending from 20 plus states. On the Conference Itinerary was morning and afternoon sessions with guest speakers. Les Brown summed up ‘Kingdom Mind’ and Professor Dennis Kimbro (Clark Atlanta University) held us spellbound with “ Wealth Choice: Black Millionaires Success Secrets”. I remember well, he personally signed over 200 books after his session that day.
It’s indeed time to TrustUp. Now…. Is the time for business owners to find a professional advisor familiar with the regulations and prepare yourself for the wave of reporting about to confront you.
INTRODUCING….. the Corporate Transparency Act (CTA) effective January 1, 2024, enacted by Congress January 1, 2021.
It’s time to TrustUP!
The CTA name is self explanatory. A lot is on the media ‘circus’ about it. In a few sentences, new, existing, amended corporations, LLC’s or any other filings with the Secretary of State must file with Financial Crimes Enforcement Network. That is also self explanatory. In that filing must be the name, birth date, address and government issued photo ID of every direct or indirect beneficial owner of the entity. The stated purpose of the law is to combat money laundering and the concealment of illicit money through shell companies in the United States. This act will create a database of ‘Beneficial Ownerhship Information(BOI). As you acquaint yourself with the new law, you will surmise that this law is written so broadly that every small business in America will be swept up in the paperwork. The compliance cost is minimal, but failure to comply comes with a $500 a day up to $10,000 and up to two(2)years in jail. Now is the time for business owners to be familiar with the regulations and prepare for the wave of reporting required.
It’s time for TrustUp, I say. It is equally as important to share this information.
In preparing for his first book, Professor Kimbro in a seven(7)year study interviewed over 1,000 of the wealthiest African Americans. That number has since grown 1,000%. He stresses the fact that our money status is growing. It’s no longer difficult to find a black millionaire. Some live next door.
JOIN….. us for the start up “ TrustUp Forum Dinners” with all your Q&A about the new CTA Law. Ask for details at the Hillside Prime Steak House, aka ‘Mansion on The HILL’. 305 FM 1382 #314, Cedar Hill, Texas, 75104. www.hillsideprime.com.
