Yesterday, Victor Garrido, CPA, EA, had a zoom call presentation about the “Beneficial Ownership Information (BOI) Report to avoid criminal and civil penalties” for the Greater Philadelphia Chamber of Commerce and his members. As we mentioned in our presentation, there are items that will keep changing regarding the Corporate Transparency Act passed in 2021.

One day later, the BOI penalties have increased to $591 from the original $500 due to inflation (these regulations were approved in 2021, so there is an almost 20% accumulated inflation since it was approved until now) .

We will keep you informed and we will post the recordings from our trainings once available. Our recommendation is that you find professional help if you are unsure of these filings due to the stiff penalties and even potential jail time if you are not compliant with these rules.

Link Journal of Accountancy –  BOI reporting and unauthorized disclosure penalties increased