FinCEN's BOI Reporting Deadline in Athens-Clarke County: File by 01/01/2025 to Avoid Fines!
FinCEN's BOI Reporting Deadline in Athens-Clarke County: File by 01/01/2025 to Avoid Fines!
The Corporate Transparency Act (CTA) mandates that businesses in Athens-Clarke County disclose their Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) in order to help combat financial crimes like money laundering and tax evasion.
As of today, November 27, 2024, Athens-Clarke County 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. Confirm whether your business needs to file a BOI report. [Deadline: ASAP]
Reporting companies include most corporations, LLCs, and similar entities, except for certain exemptions like banks and publicly traded companies.
2. Identify your beneficial owners. [Deadline: December 10, 2024]
A beneficial owner is someone with substantial control or at least 25% ownership of the company.
3. Gather the required information for your BOI report. [Deadline: December 17, 2024]
You’ll need details about your business and its beneficial owners, including full names, addresses, dates of birth, and government-issued identification.
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: ZenBusiness BOI Filing Services
More About the BOI Filing:
Who Needs to File? A "reporting company" is a business entity like a corporation, LLC, or similar that is formed under U.S. law. Exemptions include regulated industries, such as banks and large public companies. For instance, a small local restaurant in Athens-Clarke County that is an LLC would need to file a BOI report.
What is a Beneficial Owner? A beneficial owner is someone who has substantial control over the company or owns at least 25% of its shares or equity. This could be an individual who runs day-to-day operations or one who owns a significant portion of the business, such as a partner in a small consulting firm.
What Information is Needed? The BOI report requires detailed personal and company information, including the names, addresses, dates of birth, and identification numbers of both the business and its beneficial owners. This ensures transparency regarding the individuals who ultimately control or benefit from the business.
How and When to File: All reports must be filed electronically through FinCEN’s online portal. Companies formed before January 1, 2024, must file by January 1, 2025. New companies formed in 2024 must file within 90 days of their creation, while those formed after January 1, 2025, must file within 30 days of registration.
Penalties for Non-Compliance: Failure to file or providing false information can result in daily fines of up to $500 and possible criminal penalties. However, businesses have a 90-day grace period to correct any errors without penalties.
Get Help with ZenBusiness: ZenBusiness offers expert services to help Athens-Clarke County business owners comply with the CTA and file their BOI reports accurately and on time. With ZenBusiness, you can ensure that your filing is done right the first time, saving you time and reducing the risk of penalties. Learn more at ZenBusiness BOI Filing Services.
More BOI Resources:
Take action now to ensure compliance and avoid penalties!
Your input makes a difference! Take a few minutes to complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. [Take the survey here!] Thank you for supporting our Chamber and sharing your 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.