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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. We anticipate that the US Department of Treasury will appeal to the US Court of Appeals for the 11th Circuit.

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. We anticipate that the US Department of Treasury will appeal to the US Court of Appeals for the 11th Circuit.