Under the federal Corporate Transparency Act (CTA, 31 U.S.C. 5336), U.S. reporting entities (LLCs and Corporations) that missed their filing deadline are subject to civil penalties of up to $591 per day and potential criminal liability. Pre-2024 entities had an absolute filing deadline of January 1, 2025. New entities formed in 2025/2026 have 30 calendar days. Use this calculator to audit your exact liability and state-specific late fees.
FinCEN BOI Reporting & State LLC Penalty Auditor (2026)
1. Entity Profile & Registration
2. Statutory Penalty & Liability Scorecard
Your business missed the FinCEN reporting deadline of January 1, 2025 (Mandatory). The Corporate Transparency Act imposes daily compounding penalties until cured.
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Statutory Framework: Corporate Transparency Act & State Franchise Tax Obligations
1. Federal FinCEN Beneficial Ownership Rules
The Financial Crimes Enforcement Network (FinCEN) mandates that all domestic entities formed by filing with a state Secretary of State identify their beneficial owners—defined as any individual who directly or indirectly exercises substantial control over the company, or who owns or controls at least 25 percent of the ownership interests.
2. Compounding State Late Penalties
In addition to federal obligations, states impose strict administrative dissolution and punitive late fees on LLCs that fail to file annual reports. For instance, Florida imposes a non-waivable $400 late penalty after May 1, while California mandates an $800 minimum franchise tax regardless of business activity.
Frequently Asked Questions on BOI Compliance & Penalties
What is the daily penalty for failing to file a FinCEN BOI report in 2026?
Under the Corporate Transparency Act (31 U.S.C. 5336), civil penalties for failing to file a timely Beneficial Ownership Information (BOI) report or filing fraudulent information are adjusted annually for inflation to $591 per day. Additionally, willful non-compliance carries criminal penalties of up to $10,000 in fines and up to two years in federal prison.
When was the federal BOI deadline for LLCs created before 2024?
Entities formed or registered prior to January 1, 2024, had a statutory deadline of January 1, 2025. Any reporting company created before 2024 that has not filed is currently past due and must submit immediately to mitigate compounding enforcement risk.
What is the filing deadline for companies formed in 2025 or 2026?
Entities formed or registered on or after January 1, 2025, have exactly 30 calendar days from the date they receive actual or public notice that their creation has become effective (e.g. state Secretary of State approval) to file their initial BOI report with FinCEN.
Do sole proprietorships need to file a FinCEN BOI report?
No. Sole proprietorships and general partnerships that were not created by the filing of a document with a state Secretary of State or tribal office are not considered "reporting companies" and are exempt from BOI requirements.
What qualifies a company for the "Large Operating Company" exemption?
A business qualifies for the Large Operating Company exemption if it employs more than 20 full-time employees in the United States, has an operating physical presence at an office in the United States, and filed a federal income tax return in the previous year demonstrating more than $5,000,000 in gross receipts or sales.