Urgent: FinCEN BOI Filing Deadline for Douglasville, GA is 01/01/2025
Today, on 12/04/2024, Douglasville, GA business owners have just 27 calendar days (or 20 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t wait, or you could face fines of $500 per day! 1. Determine if Your Business Must File. Most LLCs, corporations, and small businesses qualify as “reporting companies.” Exemptions apply to publicly traded companies and certain regulated entities. 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 example, in Douglasville, a co-owner of a local salon who owns 40% of the business and makes key operational decisions is considered a beneficial owner. 3. Gather the Required Information. Prepare: Business name, address, and EIN. Beneficial owners’ names, addresses, DOBs, and ID details. 4. File Your BOI Report. Deadlines: Existing businesses: File by 01/01/2025. New companies (2024): File within 90 days of formation. New companies (2025+): File within 30 days of formation. ZenBusiness offers simple and easy assistance with BOI reporting, providing clear guidance so businesses comply with FinCEN requirements efficiently. Who Needs to 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 bakery in Douglasville, GA would likely need to file a BOI report. What Is a Beneficial Owner? A beneficial owner is someone who: Holds substantial control over the company, OR Owns 25% or more of it. For example, a managing partner of a family-owned coffee shop in Douglasville who owns 35% of the business and oversees daily operations is considered a beneficial owner. What Information Is Needed? You’ll need: Business name, address, EIN. Owners’ names, addresses, DOBs, and identification documents. How and When to File: BOI reports must be submitted electronically with FinCEN. Deadlines: Existing companies: File by 01/01/2025. 2024 startups: File within 90 days of formation. 2025+ startups: File within 30 days of formation. ZenBusiness makes it easy for small business owners to navigate the complexities of BOI reporting with their comprehensive filing services, ensuring compliance with FinCEN’s regulations and avoiding costly penalties. Penalties for Non-Compliance: Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN offers a 90-day safe harbor for corrections without penalties. Additional Resources: We want to hear from you! Your feedback matters! Please take a moment to complete 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.
The Corporate Transparency Act mandates U.S. companies to disclose their beneficial owners to combat financial crimes, requiring details like names and addresses to be filed with FinCEN.
