The Corporate Transparency Act (CTA) provides two different timelines to submit the BOI report with FINCEN.

Before January 1, 2021

If the U.S company was formed before January 1, 2021, such company has  one (1) year to submit the BOI report from the date that the final Regulations of the Treasury Department are enacted.


After January 1, 2021

If the U.S. company was formed after January 1, 2021, the company has 14 days to submit the BOI report.

If a U.S. company fails to submit the BOI report with FINCEN, the company is subject to a penalty of $500 USD per day of non-compliance.

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The maximum penalty that can be imposed to a U.S. company for not filing a BOI report is $10,000 USD

You can read FINCEN’s Fact Sheet on the CTA here.

Prevent the imposition of penalties and use our Tool to determine if the BOI report applies to your company.