Tuesday, December 10, 2024
The CTA, BOI and FinCEN: Unraveling the Confusion for Businesses in Independence, MO
Ownership information to FinCEN to combat financial crimes. While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties. However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines if this injunction is overruled. Waiting could mean scrambling to meet compliance
