BOI CTA Penalties
Research your materials and do a Google search on this and you will see difference in opinion. In one location, I read: "the Civil penalty is $500 for each day a violation continues or has not been fixed. Criminal penalties can result in a fine up to $10,000 and imprisonment for up to two years or both." The way I read that, I.E. my opinion, is that the civil penalty is unlimited. In 365 days that would be a civil penalty of $182,500. In another location I read: "Failure to comply with CTA or missing filing deadlines can result in Criminal (fines and/or imprisonment) or civil (monetary) penalties. There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the failure to timely file initial or updated reports." The way I read that, I.E. my opinion, is there is a maximum $10,000 penalty, which is a big difference from the former statement. Here is what I found on the official fincen government website: "The willful failure to report complete or updated beneficial ownership information to FinCEN , or the willful provision of or attempt to provide false or fraudulent beneficial ownership information may result in a civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000." Go on the FINCEN website yourself, just in case of a typo in my typing and so you can reach your own opinion, and research everything yourself in all of your reference materials and on Google, so you can reach your own conclusion . What do you guys think?
