Missing the BOI report filing deadline is not a minor oversight. The Corporate Transparency Act gives FinCEN real enforcement teeth: $500 per day in civil penalties, criminal fines up to $10,000, and up to two years in federal prison. If you haven’t filed your Beneficial Ownership Information (BOI) report yet, this article explains exactly what you’re risking — and how to fix it.
The $500-Per-Day Civil Penalty
Under the Corporate Transparency Act, a company that fails to file a required BOI report faces a civil penalty of $500 for each day the violation continues. The cap is $10,000. That means 20 days of non-compliance after a violation is identified = $10,000. The daily penalty accrual is automatic — FinCEN does not need to notify you or send warning letters for it to start.
Criminal Penalties for Willful Violations
The CTA also creates criminal liability for willful violations. A person is guilty of a willful violation if they knowingly fail to report or update beneficial ownership information, or knowingly provide false or fraudulent information. The criminal penalties: up to $10,000 in fines and up to two years in federal prison. These penalties can apply to individuals personally.
Who Can Be Held Liable?
The CTA’s penalty provisions apply to individuals, not just companies. Specifically, senior officers of a reporting company can be held personally liable if they cause the company to fail to file. That includes CEOs, CFOs, COOs, and other C-suite officers. You cannot simply dissolve the company and walk away from the liability.
What to Do If You Haven’t Filed Yet
Every day without a filing is another day of potential penalty accrual. BOIR Submission Center makes this process fast and accurate. Our team, led by Murat Akcay, CFO, reviews every submission before it reaches FinCEN and backs every filing with a 100% accuracy guarantee. The entire process takes about two minutes of your time. You can file your BOI report today and stop the penalty clock.
Don’t let $500 per day become $10,000. Visit boirsubmissioncenter.com and get your BOI report filed for a flat $99 fee.
BOIR Submission Center is not affiliated with FinCEN and does not provide legal, tax, or financial advice. This article is for informational purposes only.
