The Gap Between the US and EU I watch many economic trends and business issues evolve as a financial professional. The rapid rise of artificial intelligence (AI) during the past year has been remarkable, and it has spotlighted the fast-paced decision-making in the US tech industry. At the same time, it has cast some concerns that Europe—and other parts of the world–are lagging in AI innovation and adoption. As you can see in the accompanying chart, AI is just the latest in a series of events in the past 20 years that show how quickly US companies move when it comes to winning patents for digital technologies. The chart shows the US compared to Europe, but it’s a similar pattern with the rest of the world. ¹

Get Ready for the Corporate Transparency Act Own a Business or Have a Beneficial Ownership in One? Get Ready for the Corporate Transparency Act The Corporate Transparency Act (CTA) took effect on January 1, 2024, imposing a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Congress enacted the CTA in 2021 to combat money laundering and other financial crimes by bad actors using shell companies or opaque ownership arrangements. Corporations, LLCs, and other entities subject to the CTA are called “reporting companies.” People who form new reporting companies during 2024 must file a beneficial ownership information (BOI) report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) within 90 days of forming the company. Owners of companies created before 2024 must also file a BOI report, but you have until January 1, 2025 (but think December 31, 2024). Some businesses are exempt from filing—for example, large operating companies (which the CTA defines as those with over 20 employees and $5 million in income), and companies already federally regulated (such as banks). Other narrower exemptions exist, but the CTA applies to for-profit and non-profit entities. The BOI report must contain the name, birth date, address, ID number, and an image of that ID for each “beneficial owner” of the reporting company. These are the human beings who (1) own or control at least 25 percent of the company or (2) exercise ‘substantial control’ over the company. The BOI report is filed online at a new federal database called BOSS (an acronym for Beneficial Ownership Secure System). There is no filing fee. Government law enforcement and security agencies will use the data from BOI reports to help combat money laundering, tax evasion, terrorism, and other crimes. It will not be available to the public. Information can be found, and reports filed through the FinCEN website: www.fincen.gov/boi Common questions about the BOI report filing requirements: · Do you have to file a BOI report if you own a single rental property in an LLC? (Yes) · Must you file 10 BOI reports if you own 10 LLCs? (Yes) · Are registered agents responsible for filing the BOI report? (No) · Do the self-employed have to file? (No) · Do I need to list a street address in the BOI report? (Yes) · Do I need to list my Social Security number in the BOI report? (No) · Must I file an updated BOI report if a beneficial owner leaves the company? (Yes) Thanks to our friends at Bradford Tax Institute for sharing content on this topic. Keats Group LLC is not a law firm and does not provide legal advice, including advice on whether any specific entity will be required to file a report. Consult your legal advisor or tax preparer for advice on CTA reporting.

Mid-year 2022 when the scourge of inflation was dominating news and the financial journalism it continuously feeds, I foolishly decided to keep a journal of financial predictions appearing in the media. I did that until March 2023, with a few relapses since. I didn’t start it to prove anything. We already knew the mathematical odds of predicting the market are stacked against us. Nobody wins that game for long.

What do you really spend on health care? And what’s your retirement plan for long-term care and other medical costs?

If you’re self-employed or own a small business with 50 or fewer employees, 2023 is a great year for planning employee benefits. And it won’t be difficult or costly to do.