There are a few potential penalties for BOI reporting violations. According to the CTA, willful violation of the requirements could result in civil penalties of up to $500 per day. However, this adjusts every year to account for inflation. As of writing, the adjusted civil penalty is $591 per day. Additionally, willful violation of the reporting requirements under the CTA could carry criminal penalties of up to $10,000 in fines and up to two years imprisonment. Potential violations include the willful failure to file a BOI report, the willful filing of incorrect BOI, and the willful failure to correct or update a prior BOI report.