Englewood, FL Small Business Alert: FinCEN BOI Filing Due by 01/01/2025
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.
As of today, 12/05/2024, Englewood, FL business owners have 26 calendar days (or 19 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN.
1. Determine if Your Business Must File.
A ‘reporting company’ is any small business, corporation, or LLC that is registered with the state, unless exempt. Exemptions apply to publicly traded companies, banks, and charities. For example, a local coffee shop in Englewood, FL would likely need to file a BOI report.
2. Identify Your Beneficial Owners.
A ‘beneficial owner’ is someone who either has substantial control over a company or owns at least 25% of it. For instance, in Englewood, the owner of a small photography studio who makes all major financial and operational decisions and holds a 40% share in the business is considered a beneficial owner.
3. Gather the Required Information.
Prepare:
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Business name, address, and EIN.
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Beneficial owners’ names, addresses, DOBs, and ID details.
4. File Your BOI Report.
Deadlines:
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Existing businesses: File by 01/01/2025.
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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.
ZenBusiness offers services that simplify BOI reporting, making it easier for companies to comply with FinCEN requirements accurately and on time.
Penalties for Non-Compliance:
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 may lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties. FinCEN provides a 90-day safe harbor period for corrections without penalties.
Many experts expect the current BOI hold to be reversed. Small business owners can tackle BOI reporting quickly and easily now with help from ZenBusiness, avoiding potential penalties and a last minute scramble to remain compliant.
Additional Resources:
We want to hear from you!
We value your feedback! Please fill out our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! 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.
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