Beneficial Ownership Information Reporting

Due to a recent federal court order, reporting companies are not currently obligated to file beneficial ownership information with FinCEN and will not face penalties for failing to do so while the order is in effect. However, these companies may choose to voluntarily submit beneficial ownership information reports. 

Effective January 1, 2024, Beneficial ownership information reporting is a legal requirement for certain companies and entities to disclose information about their ultimate beneficial owners - the individuals who ultimately own or control the entity. 

Failure to report BOI can lead to sevres consequences which includes daily fines of $500 which can quickly add up, reaching a maximum of $10,000. Criminal charges could result in up to 2 years in prison and fines up to $10,000.
Beyond financial penalties, you risk losing your company's good standing, facing hurdles in securing loans, encountering roadblocks in business deals, and attracting unwanted attention from regulators.