Corporate Transparency Act

Beneficial Ownership Reporting to FinCEN

Many companies are required to report information to the Financial Crimes Enforcement Network (FinCEN) about the individuals who ultimately own or control them.

Failure to report initial or updated information may result in 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.

The Financial Crimes Enforcement Network (FinCEN), is a branch of the U.S. Treasury Department. This BOI report gathers data regarding the people who own or have control over companies functioning within the United States.

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