Remove CFO Remove Financial Reporting Remove Securities Remove Tax Planning
article thumbnail

What to Know About the Corporate Transparency Act

CFO Simplified

Most businesses will be required to file an initial BOI Report. Willful failure to comply with these new reporting requirements can result in fines up to $10,000 and up to two years in prison. Those individuals and entities are not required to report beneficial ownership information to FinCEN at this time.

article thumbnail

What to Know About the Corporate Transparency Act

CFO Simplified

Most businesses will be required to file an initial BOI Report. Willful failure to comply with these new reporting requirements can result in fines up to $10,000 and up to two years in prison. Those individuals and entities are not required to report beneficial ownership information to FinCEN at this time.