Stay on Track: FinCEN BOI Filing for Erie, CO Due by 01/01/2025
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN, aiming to curb financial crimes.
As of today, 12/05/2024, Erie, CO business owners have 26 calendar days (or 19 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN.
1. Determine if Your Business Must 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 coffee shop in Erie, CO would likely need to file a BOI report.
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, the owner of a dance studio in Erie who makes key operational decisions and holds a 40% stake in the business qualifies as 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.
ZenBusiness makes the BOI reporting process simple for small businesses, ensuring compliance with FinCEN requirements quickly and efficiently.
Penalties for Non-Compliance:
While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file may lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties. FinCEN provides a 90-day safe harbor period for corrections without penalties.
Savvy business owners can avoid a last minute scramble to cover BOI compliance through the services of ZenBusiness. With their simple, streamlined process, you can address reporting for your company effectively.
Additional Resources:
We want to hear from you!
Your feedback matters! Please fill out our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Complete the survey here! Thank you for your support!
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.
