April 11, 2025
Corporate Transparency Act – What is Substantial Control
The civil penalty for failing to file beneficial owner information with FinCEN is $591 per day. If there is a willful violation of the beneficial ownership information reporting obligation, that individual may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. With these threats hanging over the heads of a reporting company and a beneficial owner, one would think that FinCEN would be much more helpful in clarifying its definition of a beneficial owner.
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