The CTA Filing Pro Blog

Your go-to resource for navigating the Corporate Transparency Act (CTA). We provide expert insights, compliance tips, and updates to simplify FinCen reporting requirements.

Find how-to guides, case studies, and FAQs designed to streamline filing and help you avoid penalties. With CTA Filing Pro, staying compliant is easy and stress-free.

What Happens if You Don’t File or Fail to Update Your CTA Filing?

boi reporting cta fincen us treasury Nov 27, 2024

Introduction

The Corporate Transparency Act (CTA) is more than just a one-time filing requirement. Businesses must file their Beneficial Ownership Information (BOI) by December 31, 2024, and update their filings whenever information changes. But what happens if you fail to comply?

Consequences of Failing to File

Steep Fines: Businesses can face penalties of up to $500 per day for non-compliance.
Criminal Charges: Intentional violations can result in criminal fines or imprisonment.
Damaged Reputation: Non-compliance may raise red flags with regulators and partners.

What Happens If You Fail to Update?

If your business undergoes changes—like a new beneficial owner or a board member leaving—you must update your BOI filing within 30 days. Failure to do so can result in similar fines and penalties.

Stay Protected with CTAFiling.pro

Ongoing Compliance Support: We track filing deadlines and keep you updated on changes to ensure you remain compliant.
Peace of Mind: From initial filing to updates, we handle everything so you can focus on your business.

Don’t Risk Your Business—File and Update with CTAFiling.proEnsure your compliance today and avoid costly consequences tomorrow.

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