According to the Corporate Transparency Act, individuals who willfully violate the BOI reporting requirements may face civil penalties of up to $500 for each day the violation continues. However, this amount is adjusted annually for inflation and, as of the publication of this FAQ, is $591.
In addition to civil penalties, individuals who willfully violate the BOI reporting requirements may also face criminal penalties, including up to two years of imprisonment and fines up to $10,000. Violations include willfully failing to file a beneficial ownership information report, willfully filing false information, or willfully failing to correct or update previously reported information.
Both individuals and corporate entities may be held liable for willful violations.