Understanding the New Tax Law for 2024: Impact on LLCs and Small Businesses
Meeting Attendees [email protected] , Thomas Ballard PG, CHG’s , Donnakaye Scarlett , Harry (the Bigdog) Jamison , Elle Kersey , The Jason Hodge and Patrick Jackman
About this Meeting
January 5th., 2024 1st. Friday
Description:
In this insightful video, the speaker delves into the changes in the tax law for 2024, with a focus on how it affects Limited Liability Companies (LLCs) and small businesses. Discover the nuances of the new tax regulations and learn crucial strategies to navigate these changes effectively.
Key Takeaways:
1. The new tax law for 2024 brings changes affecting LLCs and small businesses.
2. LLCs may face taxation unless placed in a specialized trust.
3. Entities, including nonprofits, may be exempt from the new tax regulations.
4. Non-compliance with the tax law can result in a $500 per day penalty.
5. The speaker emphasizes the importance of setting up trusts and holding firms for effective tax management.
🕒 Time Stamps:
00:00 - Introduction to the video and the speaker's quest for a knowledgeable speaker on the topic.
01:45 - Overview of the new tax law for 2024 and its potential impact on LLCs.
04:12 - Discussion on the need for amendments and a specific form to avoid taxation, especially for LLCs.
06:30 - Details on the entities exempt from the new tax law, including nonprofits.
08:15 - Explanation of the $500 per day penalty for non-compliance with the tax law.
10:20 - Insights into the speaker's perspective on how these changes may affect small businesses and the middle class.
13:05 - Recommendations on setting up trusts and holding firms to adapt to the evolving tax landscape
Stay informed and prepared for the evolving tax landscape!
📈💼 #TaxLaw2024 #SmallBusinesses #LLC #TaxStrategies #FinancialPlanning #BusinessOwners
Members in Attendance
Virtual Experience Architect, Virtual Experience Design Agency
Virtual Event Architect and Digital Learning Solutions Practitioner Talks about #innovation, #businesstech, #livestreaming, #virtualevents, and #learninganddevelopment
Principal Hydrologist, Southeast Hydrogeology
Systematic Asset Management for Small to Medium Water Utilities Talks about #waterwells, #assetmanagement, #welldiagnostics, and #wellhealthcheck
Remote Live Stream Host/Producer | Content Creator, DJ Interview
Remote Live Stream Host/Producer | Content Creator Talks about #dj, #liveevents, #eventmarketing, and #remoteproduction
Integumentary Specialist, Luxe Maverick
We help athletes return to the game 85 - 95 % faster than traditional methods without residual trauma. Founder/Author/Speaker/Inventor/Creator/Designer/Host/TEDx Event Producer Talks about #luxemaverick, #postinjuryrepair, and #postsurgicalrecovery
Media Architect & Strategist, TJH MEDIA Ltd
Media Architect & Strategist Helping You Share Your Authentic Story With Your World Talks about #mediaplanning, #contentmarketing, #contentdevelopment, #contentrepurposing, and #nonprofitmarketing
Hosts
Virtual Event Strategist, Talk Virtual
I help SaaS companies gain 100+ warm leads, in 90 days or less without the stress of overwhelm.
