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FinCEN's BOI Reporting Deadline: 01/01/2025 – Amherst, MA Businesses File Now to Avoid Possible Fines
The Corporate Transparency Act (CTA) now requires many U.S. companies, including those in Amherst, MA, to disclose specific details about their beneficial owners to FinCEN, aiming to enhance transparency and reduce financial crimes.
As of today, November 4, 2024, Amherst, MA business owners have 58 calendar days (or approximately 40 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t delay, or you could face fines of $500 per day!
Action Steps for Amherst Business Owners
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Determine if your business must file a BOI report. [Due: Immediately]
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Most corporations, LLCs, and other similar entities qualify as "reporting companies" and are required to file, except for banks, public companies, and charities.
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Identify your beneficial owners and consider ZenBusiness for guidance. [Due: November 18, 2024]
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A beneficial owner is anyone who controls the company or holds at least 25% ownership.
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Gather necessary information for your BOI report. [Due: November 25, 2024]
-
Collect the names, addresses, dates of birth, and ID details of all beneficial owners.
-
File your BOI report by the applicable deadline:
-
Existing companies: January 1, 2025
-
New companies (formed in 2024): File within 90 days of formation
-
New companies (formed after January 1, 2025): File within 30 days of formation
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Click here to learn how ZenBusiness can help you identify your beneficial owners and file your BOI report with ease.
More About the BOI Filing
Who Needs to File?
A "reporting company" includes most U.S.-based corporations, LLCs, and other similar entities. Businesses such as Amherst-area small businesses, unless exempted, are required to file. Exemptions include banks, public companies, and many nonprofits. For example, a small Amherst retail business formed as an LLC must file a BOI report with FinCEN.
What is a Beneficial Owner?
A beneficial owner is an individual with either significant control over the company or ownership of 25% or more of its shares. For instance, in a local Amherst bakery with two partners, any partner with at least a 25% stake or significant decision-making power would be classified as a beneficial owner.
What Information is Needed?
For a complete BOI report, businesses need to provide detailed information about themselves and their beneficial owners, including each owner’s name, address, date of birth, and an official ID (like a passport or driver's license). Accurate record-keeping ensures compliance and facilitates reporting.
How and When to File
BOI reports are filed electronically with FinCEN. Companies formed before January 1, 2024, must submit reports by January 1, 2025. Those formed this year must file within 90 days of formation, and those formed after January 1, 2025, will need to file within 30 days of formation.
Penalties for Non-Compliance
Failure to file or submitting false information can lead to daily fines of $500, with maximum penalties up to $10,000 and potential imprisonment. However, FinCEN provides a 90-day safe harbor for corrections, allowing businesses to amend initial filings without penalty.
Get Help with ZenBusiness
ZenBusiness offers streamlined support for BOI reporting, ensuring accuracy and compliance while saving you time. Their expert assistance brings peace of mind to the reporting process. Learn more here.
Additional BOI Resources
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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.
FinCEN's BOI Reporting Deadline: 01/01/2025 – Amherst, MA Businesses File Now to Avoid Possible Fines
The Corporate Transparency Act (CTA) now requires many U.S. companies, including those in Amherst, MA, to disclose specific details about their beneficial owners to FinCEN, aiming to enhance transparency and reduce financial crimes.
As of today, November 4, 2024, Amherst, MA business owners have 58 calendar days (or approximately 40 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t delay, or you could face fines of $500 per day!
Action Steps for Amherst Business Owners
-
Determine if your business must file a BOI report. [Due: Immediately]
-
Most corporations, LLCs, and other similar entities qualify as "reporting companies" and are required to file, except for banks, public companies, and charities.
-
-
Identify your beneficial owners and consider ZenBusiness for guidance. [Due: November 18, 2024]
-
A beneficial owner is anyone who controls the company or holds at least 25% ownership.
-
-
Gather necessary information for your BOI report. [Due: November 25, 2024]
-
Collect the names, addresses, dates of birth, and ID details of all beneficial owners.
-
-
File your BOI report by the applicable deadline:
-
Existing companies: January 1, 2025
-
New companies (formed in 2024): File within 90 days of formation
-
New companies (formed after January 1, 2025): File within 30 days of formation
-
-
Click here to learn how ZenBusiness can help you identify your beneficial owners and file your BOI report with ease.
More About the BOI Filing
Who Needs to File?
A "reporting company" includes most U.S.-based corporations, LLCs, and other similar entities. Businesses such as Amherst-area small businesses, unless exempted, are required to file. Exemptions include banks, public companies, and many nonprofits. For example, a small Amherst retail business formed as an LLC must file a BOI report with FinCEN.
What is a Beneficial Owner?
A beneficial owner is an individual with either significant control over the company or ownership of 25% or more of its shares. For instance, in a local Amherst bakery with two partners, any partner with at least a 25% stake or significant decision-making power would be classified as a beneficial owner.
What Information is Needed?
For a complete BOI report, businesses need to provide detailed information about themselves and their beneficial owners, including each owner’s name, address, date of birth, and an official ID (like a passport or driver's license). Accurate record-keeping ensures compliance and facilitates reporting.
How and When to File
BOI reports are filed electronically with FinCEN. Companies formed before January 1, 2024, must submit reports by January 1, 2025. Those formed this year must file within 90 days of formation, and those formed after January 1, 2025, will need to file within 30 days of formation.
Penalties for Non-Compliance
Failure to file or submitting false information can lead to daily fines of $500, with maximum penalties up to $10,000 and potential imprisonment. However, FinCEN provides a 90-day safe harbor for corrections, allowing businesses to amend initial filings without penalty.
Get Help with ZenBusiness
ZenBusiness offers streamlined support for BOI reporting, ensuring accuracy and compliance while saving you time. Their expert assistance brings peace of mind to the reporting process. Learn more here.
Additional BOI Resources
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.