Failing to file your beneficial ownership report under the Corporate Transparency Act (CTA) can result in serious penalties. Here’s what you need to know:

Consequences of Not Filing:

• Fines: You can be fined up to $500 per day for every day your report is late or incomplete.
• Criminal Penalties: Intentional failure to file or providing false information can result in fines of up to $10,000 and even 2 years in prison.

These penalties are designed to ensure businesses comply with the law, helping to prevent illegal activities like money laundering and tax evasion. Filing on time is crucial to avoid these consequences.

For more details on filing, visit FinCEN.