FinCEN May Require Businesses to File BOI Reports by 01/01/2025 – Avoid Possible Fines by Submitting Today
The Corporate Transparency Act (CTA) obligates certain businesses in the U.S. to report their Beneficial Ownership Information (BOI) to FinCEN to improve transparency and deter financial crimes.
As of today, November 26, 2024, business owners have 36 calendar days (or 26 business days) left to file their BOI reports with FinCEN before the January 1, 2025, deadline. Late filings could result in daily fines of $500—act now to avoid penalties!
Steps for Businesses to Stay Compliant
1. Confirm If Your Business Must File
Deadline: ASAP
If you operate a corporation, LLC, or similar entity, you likely need to file. Exemptions include banks, publicly traded companies, and certain nonprofits.
2. Identify Your Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is anyone who:
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Exercises control over your business or
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Owns 25% or more of your company.
ZenBusiness can simplify the BOI filing process.
3. Gather Required Information
Deadline: December 17, 2024
You'll need:
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Business details: Name, address, EIN.
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Owner details: Name, address, birthdate, and ID.
4. File Your BOI Report
Deadline: 01/01/2025 for existing companies
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New companies (2024): File within 90 days of formation.
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New companies (2025): File within 30 days of formation.
Learn how ZenBusiness can guide you through filing.
Important Details for Gloucester Businesses
Who Needs to File?
If your business is a corporation, LLC, or similar entity, you’re likely required to file unless exempt. For example, a local Gloucester bakery operating as an LLC must file, while a nonprofit community group may be exempt.
Who is a Beneficial Owner?
A beneficial owner is someone who:
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Exercises control over the company’s operations, OR
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Owns at least 25% of the company.
Example: A family-owned auto repair shop in Gloucester with one managing owner and one investor (holding 30% equity) must report both individuals.
What Information Is Needed?
The BOI report requires:
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Business information: Name, address, EIN.
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Beneficial owner details: Name, address, birthdate, and a valid ID (e.g., driver’s license).
Prepare to submit information electronically via FinCEN’s secure system.
Deadlines to Remember
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Existing businesses: File by January 1, 2025.
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New businesses formed in 2024: File within 90 days of registration.
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New businesses formed after January 1, 2025: File within 30 days of formation.
Non-Compliance Penalties
Failing to file or submitting false information can lead to:
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Fines: Up to $500 daily, capped at $10,000.
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Imprisonment for willful violations.
A 90-day correction window allows businesses to amend errors without penalties.
How ZenBusiness Can Help
ZenBusiness offers expert support to Gloucester businesses, simplifying BOI filings to save time and ensure accuracy. Let them handle the complexities so you can focus on growing your business.
Start your BOI filing today with ZenBusiness.
Additional Resources
Take action now to meet the January 1, 2025, deadline and protect your Gloucester business from costly fines!
Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!
*As of December 3, 2024, a Texas federal district court has issued a preliminary injunction for all states to block the CTA and its relevant regulations. However, filing your BOI will help you avoid fines if this injunction is overruled.
