FinCEN’s BOI Reporting Deadline: Algonquin, IL Businesses Must File by 01/01/2025 to Avoid Penalties
The Corporate Transparency Act (CTA) requires many U.S. businesses to submit Beneficial Ownership Information (BOI) to FinCEN, ensuring transparency and combating financial crimes.
As of today, 11-26-2024, Algonquin, IL business owners have 36 calendar days (or 27 business days) remaining to file their BOI reports with FinCEN. Failing to act could result in fines of $500 per day—start now to meet the deadline!
Action Plan for Compliance
1. Determine if Your Business Must File
Deadline: ASAP
Most corporations, LLCs, and similar entities must file unless exempt, such as banks, publicly traded companies, or nonprofits.
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who either control the business or own 25% or more of it.
3. Collect the Required Information
Deadline: 12-17-2024
Gather details including:
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Business name, address, and formation details
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Owners' names, dates of birth, addresses, and identification documents
4. Submit Your BOI Report
Deadlines:
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Existing companies (formed before 01/01/2024): File by 01/01/2025.
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New companies (formed in 2024): File within 90 days of creation.
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Companies formed after 01/01/2025: File within 30 days of creation.
Learn how ZenBusiness can simplify BOI filing.
Key Details About BOI Reporting
Who Needs to File?
Businesses classified as "reporting companies" include most LLCs and corporations. For instance, a small marketing consultancy based in Algonquin, IL, structured as an LLC, is required to file unless exempt. Exempt entities include banks, publicly traded companies, and charities.
What is a Beneficial Owner?
A beneficial owner is anyone who:
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Exercises substantial control (e.g., decision-making authority), or
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Holds at least 25% ownership of the company.
For example, in a local boutique co-owned by two partners, each holding 50% ownership, both partners are considered beneficial owners.
What Information is Needed?
BOI reports must include:
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Business details: name, address, and formation information
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Owner details: names, dates of birth, addresses, and valid ID documents
How and When to File
Reports are submitted electronically via FinCEN’s system. Filing deadlines depend on the business formation date:
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Existing companies (formed before 01/01/2024) must file by 01/01/2025.
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Companies formed in 2024 must file within 90 days.
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Companies formed after 01/01/2025 must file within 30 days.
Penalties for Non-Compliance
Failing to file or submitting false information can result in fines of up to $500 per day and possible imprisonment. Businesses have a 90-day safe harbor to correct mistakes.
How ZenBusiness Can Help
ZenBusiness provides expert guidance for BOI filing, ensuring your business meets all requirements efficiently. Their service saves time and eliminates stress. Learn more about their filing assistance.
Additional Resources
Take action today to comply with FinCEN’s requirements and avoid costly penalties.
