Beneficial Ownership Information Resources
The Corporate Transparency Act (CTA) requires companies to file BOI reports. The initial BOI Report is due within 90 days of formation for companies formed in 2024, and within 30 days of formation for new entities beginning in 2025.
There is a safe harbor from penalty if you voluntarily submit a report correcting inaccurate information within 90 days of the deadline for the original report.
Penalties for not filing a Beneficial Ownership Information (BOI) report include:
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As of January 25, 2024, a fine of up to $591 per day for each day the report is late. This penalty can add up quickly.
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Up to two years in prison and a fine of up to $10,000. These penalties apply if you willfully fail to file your report, submit false information, or fail to correct/update previously reported information.
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Senior officers of an entity that fails to file a required BOI report may be held accountable.