FinCEN’s BOI Reporting Deadline: 01/01/2025 – Saint Petersburg, Florida Businesses Must File Now to Avoid Fines!
The Corporate Transparency Act (CTA) requires businesses in the U.S. to report their beneficial ownership information (BOI) to FinCEN to help fight financial crimes like money laundering and tax evasion.
As of today, November 27, 2024, Saint Petersburg business owners have 35 calendar days (or 25 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!
Action Items:
1. Determine if your business needs to file a BOI report. [Deadline: ASAP]
Is your business a "reporting company"? Most LLCs and corporations formed in the U.S. must file unless exempt, such as publicly traded companies or large financial institutions.
2. Identify your beneficial owners and consider using ZenBusiness to simplify the process. [Deadline: December 10, 2024]
A beneficial owner is anyone who has substantial control over your business or owns at least 25% of it.
3. Gather the required information for your BOI report. [Deadline: December 17, 2024]
You'll need to provide your business details and your beneficial owners' names, addresses, dates of birth, and identification documents.
4. File your BOI report. [Deadline: Existing companies - 01/01/2025; New companies (formed in 2024) - 90 days after creation/registration; New companies (formed in 2025 or later) - 30 days after creation/registration]
Click here to learn how ZenBusiness can help you identify your beneficial owners and file your BOI report with ease.
Who Needs to File?
A "reporting company" is a business entity like an LLC or corporation formed in the U.S. that must disclose its beneficial owners. Certain businesses, such as publicly traded companies, regulated financial institutions, and large operating companies with over 20 employees and significant revenue, are exempt from reporting. For example, a small business in Saint Petersburg, Florida, with a few owners who have direct control or a significant share of ownership will need to file a BOI report.
What is a Beneficial Owner?
A beneficial owner is anyone who owns 25% or more of a company, or who exercises substantial control over it. This could be a business owner, manager, or someone with decision-making authority. For example, if a local bakery in Saint Petersburg is owned by two individuals, and one owns 30% of the business, that person would be considered a beneficial owner.
What Information is Needed?
For the BOI report, businesses must provide their own details and information about each beneficial owner. This includes their full name, address, date of birth, and identification documents such as a passport or driver’s license.
How and When to File:
Reports must be filed electronically through FinCEN’s online system. Companies formed before January 1, 2024, must submit their BOI report by January 1, 2025. New companies formed in 2024 must file within 90 days of formation, while companies created in 2025 or later must file within 30 days of formation.
Penalties for Non-Compliance:
Businesses that fail to file their BOI report or provide false information may face fines of up to $500 per day. However, there is a 90-day safe harbor period during which businesses can correct any mistakes without penalty.
Get Help with ZenBusiness:
ZenBusiness can guide you through the BOI reporting process, ensuring you submit accurate and timely information. With their expertise, you can save time and avoid potential penalties. Click here to learn more about ZenBusiness BOI filing services.
Additional Resources
Take action now to ensure compliance and avoid costly penalties!
We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable feedback.
*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.