FinCEN Beneficial Ownership Information FAQ

If I'm reading this correctly, then just about everybody in the USA that works at a private C corp or LLC has to file this report.

And if you haven't done so already, the deadline is Jan 1st, 2025.

From the FAQ:

> What penalties do individuals face for violating BOI reporting requirements?

> As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this FAQ, this amount is $591.

> A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.

So if you forget until the end of 2025, that's $215,715 in fines.

Enforcement blocked today by a court:

https://www.cir-usa.org/2024/12/judge-orders-nationwide-inju...