The Corporate Transparency Act (CTA) mandates that businesses share information to help enhance transparency and combat financial crimes. Any company that meets the reporting requirements of the Financial Crimes Enforcement Network (FinCEN), must file a Beneficial Ownership report by January 1, 2025.
Failure to comply with the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.
Resources:
Small Entity Compliance Guide – Small Entity Compliance Guide | FinCEN.gov
Frequently Asked Questions – Beneficial Ownership Information | FinCEN.gov
Filing BOI Reports – Beneficial Ownership Information Reporting | FinCEN.gov
Five-Minute Demo: How to File BOI – YouTube Video