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FinCEN Alert: Crestview, FL Businesses Must Submit BOI Reports by 01/01/2025

CommunityPress ReleaseChamberGeneral News Article

The Corporate Transparency Act mandates U.S. companies to report their beneficial owners to combat financial crimes, requiring detailed personal information to be filed with FinCEN.

As of today, 12/04/2024, Crestview, FL business owners have 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 Crestview, the owner of a local hardware store who holds a 40% stake and makes strategic decisions about inventory and pricing 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.

With tools and guidance for BOI reporting, ZenBusiness simplifies the process and ensures compliance with FinCEN requirements.

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 Crestview, FL would likely need to file a BOI report.

What Is a Beneficial Owner?

A beneficial owner is someone who:

  1. Holds substantial control over the company, OR

  2. Owns 25% or more of it.

For example, a managing partner of a family-owned cafe in Crestview who holds a 35% ownership stake and is responsible for all major hiring and marketing decisions qualifies as 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 brings a stress-free and streamlined approach to BOI reporting, ensuring small businesses meet FinCEN requirements without the stress of navigating complex regulations.

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!

Join us in making an impact! Fill out our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey by simply clicking here! Your feedback is invaluable!

 

*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 Alert: Crestview, FL Businesse...