Corporate Transparency Act Fines Entities $500/Day for Late FinCEN BOI Reports

by LLC attorneys Richard Keyt and his son Richard C. Keyt

We have formed 9,000+ LLCs and 410+ nonprofit corporations. We are business law and estate planning attorneys. Our law firm is KEYTLaw, LLC. We have 354 five star Google, FaceBook & Birdeye reviews. Our website is www.keytlaw.com

For more about the Corporate Transparency Act go to our sister company FinCEN Filer, LLC's, blog page and YouTube channel.  FinCEN Filer's business is preparing and filing FinCEN BOI reports.  See its services page.

A federal law called the Corporate Transparency Act that became effective on January 1, 2024, requires all “reporting companies” to file a report with FinCEN that discloses information about the reporting company, all of its beneficial owners, and the reporting company's “applicant” if the company was formed after 2023.  If a reporting company fails to file a FinCEN BOI report on or before the report’s due date the U.S. Treasury can fine the company $500 a day until the company files its report.  The CTA also has criminal penalties of up to two years in jail for willful violations of the law.

Suggestion:  If you have friends that own companies you should send them a link to this article so they can learn how to prevent their company from being fined $500 a day for not filing or late filing of the company's FinCEN BOI report.

We made a video of this article.  Click to watch the video below called “Demystifying the Corporate Transparency Act: What You Need to Know.”