The CTA, BOI and FinCEN: What Does This Mean for New Ulm, MN Businesses?

The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance financial transparency and prevent illicit activities. While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.    What You Need to Do:1. Determine if Your Business Must