An increase in income tax rate means you'll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.
The video is an interview with Matt Brown, a partner at Brown and Streza, about the Corporate Transparency Act (CTA). The CTA is a new law that requires certain businesses to report information about their beneficial owners to the government. The goal of the CTA is to help combat money laundering and other financial crimes.
Brown discusses the background of the CTA, the reporting requirements, and the potential penalties for non-compliance. He also provides guidance on how businesses can comply with the law.
Matt Brown is a partner with the Orange County, California law firm of Brown & Streza LLP. Matt heads the firm’s Tax, Trusts, & Estates Group and its Ultra-High-Net-Worth subgroup. He represents business owners and philanthropists in personal planning, business succession planning, and charitable planning. Matt is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and a former adjunct professor of law at the University of California, Irvine School of Law. Matt is a Certified Specialist in Estate Planning, Trust & Probate Law by the California State Bar Board of Legal Specialization and has been included in the Top 50: Orange County Super Lawyers list every year since 2016. Matt has been quoted twice in the Wall Street Journal, twice in the Orange County Register, and in various other publications. Matt is also a frequent speaker and a published author on advanced estate planning, business succession, tax, and philanthropy topics.
About Brown and Streza
Brown and Streza LLP is a law firm providing integrated legal services in tax, estate, trust, real estate, business, business succession planning, and charitable planning, including representing non-profits and religious organizations. Located in Orange County, California, we serve families, businesses, entrepreneurs, philanthropists, and charitable organizations, focusing on helping closely-held businesses and their owners achieve their goals. For more information, please visit our website.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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