IMMEDIATE ACTION NEEDED TO PROTECT YOUR IDENTITY

You may have heard about it.  The Corporate Transparency Act.  It might mean nothing to you, yet.  But if you own a family business, or partner with others in an LLC, including real estate partnerships, and have substantial control, then as of January 1, 2024 you have additional requirements to file disclosures with the Financial Crimes Enforcement Network (FinCEN).  Failure to file is a felony.

According to attorney Jeff Watson, “This is the most broad, overreaching, and invasive federal reporting statue in the history of our government that squarely and directly impacts every small business owner, entrepreneur and real estate investor that you know.”  Jeff has been working with members of Congress to change language created by Dodd-Frank that prevents homeowners from selling their homes with seller financing.  He is familiar with how Washington works and is in the trenches.

Many businesses are set up using trusts and LLCs in such a way as to protect the identity of owners.  Are you using trusts?  The CTA looks through the trusts to find out who the beneficiaries are.

More information is required than what is needed for annual LLC registration.  This includes photos and other additional information about certain partners.  The person filing is responsible for ensuring accuracy for everyone being reported.

The database is not supposed to be public, but it will be available to law enforcement.

Do you recall that Social Security numbers were not to be used for identification purposes?

Have you heard about recent data breaches on major banks?

Are you confident that all of your information will be kept secure?

Here are three things that you need to do today to protect your identity and Constitutional rights.

ACTION ONE – Buy Identity Theft Insurance.

It’s been reported that it can take months to address identity theft.  It takes time to contact credit bureaus and scammed creditors.  Legitimate credit may become hard to get when someone steals your identity and commits fraud.  We have friends who were unable to receive a timely IRS refund because someone else filed using their Social Security number.

When you purchase identity theft insurance, be sure it will cover any family-owned businesses and real estate entities.

ACTION TWO – Subscribe to Jeff Watson’s Newsletter

Jeff is not only an attorney, but also a real estate investor.  He has written a number of articles on topics ranging from IRAs, private lending, wholesaling issues, and issues confronting real estate investors and homeowners.  By subscribing to his newsletter you can stay informed about what he is seeing and lobbying for in Washington and the courts as it affects landlords, lenders and investors.

Go to www.WatsonInvested.com, enter your name and email address.  That’s it.

ACTION THREE – Contact Your Elected Officials Today

“Politics are like Thanksgiving dinner.  You are either sitting around the table discussing what you are about to eat, or are on the table about to be carved up.” – Jeff Watson

In 2023 private lenders and investors were able to get legislation removed that would have made it illegal for individuals to lend funds from their self-directed IRAs unless they were registered.  Thousands of individual investors and lenders flooded the offices of key lawmakers with emails and phone calls.  The legislators succumbed to the pressure and removed the restrictive language, preserving the rights of individuals to lend money out of their IRAs as they saw fit.

You can make a difference.

Do you know who your elected officials are?  Have they heard from you?  I’m suggesting that you contact them today and ask them to support H.R.3464, the Affordable Home Ownership Act. This is bipartisan legislation to allow homeowners to sell their homes with seller financing.

You can read the bill and see who the sponsors are here https://www.congress.gov/bill/118th-congress/house-bill/3464

Once you contact the offices of your elected legislators and voice support for this bill, they may start communicating with you regarding actions they are taking in Washington.  This is a good thing.  It is good to know what your elected officials are up to and how they are voting.

That’s it.  Three things that you can do today to protect your identity and Constitutional rights.  Buy identity theft insurance.  Sign up for Jeff Watson’s newsletter.  And contact your legislators.

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