What is the Daily Penalty for Not Filing BOI Reports

The maximum penalty for not filing a Beneficial Ownership Information report is indexed to inflation.

Photo by Nathan Anderson on Unsplash

We reported yesterday on an effort by members of Congress to delay the Beneficial Ownership Information reporting requirement.

We then went back and reviewed the FAQs that FinCEN has issued on the CTA and BOI and noticed that the regular penalty for not reporting BOI timely is up to $500 per day indexed to inflation. According to their FAQs (K.2) the current penalty rate is $591 and there may not be a limit on this penalty.