As a nonresident, will I still face penalties if I didn’t know about BOI filing requirements?
Answer by: Abdullah Al Naim
6 months ago
Yes, nonresidents who fail to comply with Beneficial Ownership Information (BOI) filing requirements are subject to penalties. Ignorance of U.S. compliance rules is not considered a valid defense, making it crucial for nonresidents to stay informed and proactive.
Penalties for Noncompliance
1. Financial Penalties
Fines of up to $591 daily can be imposed for late filings.
2. Criminal Penalties
Willful failure to file can lead to fines of up to $10,000 or imprisonment.
Can Penalties Be Waived?
In some cases of unintentional noncompliance, penalties may be waived if the situation is promptly addressed and corrected. However, this is at FinCEN’s discretion, and repeated noncompliance may not be excused.
Federal Court Order on BOI Filing
A recent federal court order temporarily halts mandatory filings and penalties, but this pause may change with future updates. Staying compliant remains essential to avoid potential issues when mandatory requirements resume.
How to Stay Compliant
- Understand your filing obligations.
- Gather accurate ownership details, including personal and business information.
- File your BOI report with FinCEN before the deadlines to avoid penalties.
Need Help?
If you\’re unsure about your BOI filing requirements as a nonresident, Business Globalizer can help ensure you meet all compliance regulations accurately and on time.
Learn more:
- FinCEN BOI Reporting: An Unavoidable Legal Compliance.
- How to File BOI Report with FinCEN.
- BOI Penalty 101: FinCEN BOI Penalty for Not Reporting.
Get your BOI filing done today:
With Business Globalizer, you can confidently navigate BOI compliance and avoid penalties that can disrupt your business operations.
