What Are the Penalties for Non-Compliance?

The penalties for non-compliance with the Corporate Transparency Act are severe. The penalties are designed to ensure that businesses comply with the law.

Civil penalties

$500 per day is the civil penalty for willful failure to file a BOI Report. That penalty also applies for willful filing of a false or fraudulent information on a BOI Report.

Criminal penalties

Criminal penalties include up to 2 years in prison and/or fines up to $10,000.

That probably means performing due diligence on the Beneficial Ownership information provided by your investors and partners. It also means keeping track of the deadlines for filing BOI Reports.

The Corporate Transparency Act is a significant new law that requires small businesses to file Beneficial Ownership Information (BOI) Reports with the Financial Crimes Enforcement Network (FinCEN). The law is designed to prevent money laundering and other financial crimes.

The law targets small businesses. Get legal advice and act quickly to avoid penalties.

Get Started Free Now – Only pay once the report has been reviewed by an expert, has your final approval and is ready to submit. Our services are only $129 for the first filing and $50 for each additional entity with similar primary ownership.