PENALTIES FOR NOT FILING
Let’s say that Brandon has been traveling for work and has been away from home for over a month. Like many Americans who forget about the numerous federal reporting requirements, he forgets to report as a beneficial owner. After coming home, he finds out that he owes $10,000. The government grants no leeway in this situation. Brandon must cough up the 5-figure fine. What’s the point of passing a federal law if there are no penalties? The Corporate Transparency Act has its fair share of them, and they are steep if you don’t report. Fines can be up to $500 a day after the reports are due and can even accumulate up to $10,000. Even worse, you can be sentenced to prison for up to 2 years for intentionally failing to comply.
CONCLUSION
The Corporate Transparency Act has far-reaching effects. Millions of businesses and “beneficial owners” will have to comply. Will Congress’s aims actually work? Or will they impose an additional burden on many business owners across the country? The Corporate Transparency Act seems unlikely to be repealed. Fortunately, Corporate Direct can prepare your report and submit it to FinCEN. Click here for a free 15-minute consultation with a specialist.
ONCE THE ACT TAKES EFFECT, EVERYDAY AMERICANS WILL FACE SEVERE CONSEQUENCES FOR NOT COMPLYING.
GARRETT SUTTON Attorney, Best-Selling Author, and Robert Kiyosaki’s Rich Dad’s Advisor
Corporate Direct (800) 600-1760
Garrett Sutton is an attorney and author. He has written a number of books for entrepreneurs and real estate investors, including Loopholes of Real Estate and Start Your Own Corporation. His newest book, Veil Not Fail, deals with the most overlooked facet of asset protection, protecting the corporate veil against legal attacks. Garrett’s firm, Corporate Direct, sets up and maintains LLCs and corporations in all 50 states.
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