FinCEN's BOI Reporting Deadline: Anna, TX Businesses Must File by 01/01/2025 to Avoid Fines

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The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN, promoting transparency and combating financial crimes like tax evasion and money laundering.

As of today, 11-26-2024, Anna, TX business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—failure to comply could result in fines of $500 per day, so don’t wait.

 

 

Steps to Ensure BOI Compliance

1. Confirm If Your Business Must File

Deadline: ASAP
Most LLCs, corporations, and similar entities are required to file unless exempt. Exemptions include banks, publicly traded companies, and nonprofits.

2. Identify Your Beneficial Owners

Deadline: 12-10-2024
A beneficial owner is anyone who holds substantial control or owns 25% or more of the business.

3. Collect the Required Information

Deadline: 12-17-2024
Details required include:

  • Business name and address

  • Beneficial owners' names, birth dates, addresses, and ID details

4. File Your BOI Report

Deadlines:

  • Existing businesses (formed before 01/01/2024): File by 01/01/2025.

  • New businesses (formed in 2024): File within 90 days of formation.

  • Businesses formed after 01/01/2025: File within 30 days of formation.

ZenBusiness offers expert help to simplify your filing process.

 

 

Understanding BOI Filing

Who Needs to File?

"Reporting companies" include most LLCs and corporations. For instance, a small home renovation company in Anna, TX operating as an LLC would likely need to file. Exemptions apply to entities like charities, banks, or publicly traded companies.

What is a Beneficial Owner?

A beneficial owner is defined as anyone who:

  1. Has substantial control over the business (e.g., decision-making authority or financial oversight).

  2. Owns 25% or more of the business.
    For example, in a family-owned Anna café, a partner managing operations and a sibling owning 30% equity are both considered beneficial owners.

What Information is Needed?

The BOI report requires:

  • Business information: Name, address, and formation details

  • Owner details: Names, addresses, dates of birth, and valid ID documents
    All information must be accurate and up-to-date to comply with FinCEN regulations.

How and When to File

Reports must be submitted electronically via FinCEN’s online system. Filing deadlines depend on the company’s formation date:

  • Existing businesses (formed before 01/01/2024): Deadline is 01/01/2025.

  • Businesses formed in 2024: File within 90 days.

  • Businesses formed after 01/01/2025: File within 30 days.

Penalties for Non-Compliance

Failure to file or providing false information can lead to fines of $500 per day and potential imprisonment. A 90-day safe harbor allows corrections for mistakes without penalties.

 

 

How ZenBusiness Can Help

ZenBusiness makes BOI filing straightforward by providing expert support, saving time and ensuring accuracy. Their services help business owners navigate compliance easily. Learn more and file today.

 

 

Additional Resources

Don’t delay—file your BOI report now to ensure compliance and avoid costly penalties!

FinCEN's BOI Reporting Deadline: Anna...