Tuesday, December 10, 2024
Changes in the CTA, BOI and FinCEN: What Small Businesses in Kodiak, AK Need to Know Now
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial 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
