What are the penalties for not reporting BOI to FinCEN?
1.6k views |Last modified 8/27/2024 9:38:47 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 $591 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.
Need more help?
Get in touch with our dedicated support team Contact Us