Urgent - U.S. business owners have new filing requirement that could cost you $591 per day in penalties

January 7, 2025

Hi there - I know this is completely different than my usual content, but it’s urgent for business owners. Even if this doesn’t apply to you, please pass this along to folks you know who might have a business ownership stake in a business, including silent partners.

If you do have ownership status in a business, please contact your accountant, attorney, or other knowledgeable person regarding the Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA). Late last year, the U.S. government established a new CTA rule requiring many businesses to disclose ownership or face fines of $591 per day for failing to do so.

As of today, the ruling is on hold, according to this statement on the BOIR website: “In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force.”

But, just because it’s on hold for today does not mean those of us with businesses are off the hook - this status can change any day.

To be clear, this is NOT legal advice because I am not an attorney. I’m sending this to raise awareness. There are lots of tiny businesses, mine included, that would be devastated by a daily fine of $591.

As always, please keep recommending me to friends and colleagues who might need a business coach. I have an equity pricing structure that means I can help most folks who need a business coach with experience in social justice.

Have a meaningful day,

Kay Coughlin, CEO and Business Coach, Facilitator on Fire