The CTA, BOI and FinCEN: What Do Palm Beach Gardens, FL Businesses Need to Do?

The Corporate Transparency Act (CTA) may require businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and deter financial crimes. As of December 3, 2024, however, a Texas federal district court’s preliminary injunction put this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.