What are the penalties for not reporting BOI to FinCEN?
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Last modified 3/21/2024 3:42:08 AM EST |
Added by TaxBandits Team
The penalties for reporting companies who fail to comply with BOI report with FinCEN include the following:
- Civil penalties of up to $500 per day until the violation is corrected.
- Criminal penalties of 2 years in prison and a fine of up to $10,000.
The penalties may be imposed for various violations, which include:
- Willful failure to submit a report
- Providing false information
- Unauthorized disclosure of information.