After months of court cases, the controversial beneficial ownership information report is still mandatory for most business owners. 

Courtney Kincaid, the President and CEO of the Indiana CPA Society, says that after going back and forth in the court system, the form is still required by many business owners. “Start to get your ducks in a row.”  

The new requirement is part of the Corporate Transparency Act and aims to stop money laundering and fraudulent activity. Kincaid says not filing could result in hefty penalties for business owners. She says penalties can be $500/day each day your report is late, up to $10,000. Some business owners may even face jail time for not filing the report on time.

Kincaid says a 40-day extension is still being considered, but nothing is confirmed. She also says a bipartisan bill is moving through Congress, extending the delay by up to a year.  

For help completing and filing the form, Kincaid says to turn to your CPA or lawyer. She says to find out what information you’ll need to start collecting to complete the form. “It’s an ever-changing process.”