As of January 1, 2024, a new mandate under the Corporate Transparency Act (CTA) requires over 32 million entities, predominantly small businesses, to submit a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). Non-compliance with this federal law can lead to a civil penalty of $500 per day, escalating to criminal penalties of up to $10,000 and up to two years of imprisonment for continued violations.
With the January 1 deadline rapidly approaching, it is imperative for small business owners to begin their preparation.
Preparation for Beneficial Ownership Information Reporting:
The effective date for BOI reporting under the Corporate Transparency Act is fast approaching. Utilize this comprehensive checklist as a guide to ensure your business is fully prepared and compliant with the new regulatory requirements.