What are the penalties for not reporting BOI to FinCEN?
101 views | 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.
     

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