FinCEN's BOI Filing Deadline: 01/01/2025 - Olive Branch, MS Businesses Must File Now to Avoid Fines!
The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and prevent financial crimes.
As of today, November 27, 2024, Olive Branch, Mississippi, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face fines of $500 per day!
What You Need to Do:
1. Determine if Your Business Must File.
Most LLCs, corporations, and small businesses are classified as "reporting companies." Exemptions include publicly traded companies and certain regulated entities.
2. Identify Your Beneficial Owners.
Beneficial owners are individuals who have substantial control or 25% or more ownership of your business. For instance, the owner of an Olive Branch manufacturing company with a 50% stake qualifies as a beneficial owner.
3. Gather the Required Information.
Prepare:
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Business name, address, and EIN.
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Beneficial owners’ names, addresses, DOBs, and ID details.
4. File Your BOI Report.
Deadlines:
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Existing businesses: File by 01/01/2025.
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New companies (2024): File within 90 days of formation.
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New companies (2025+): File within 30 days of formation.
ZenBusiness is here to simplify your BOI reporting process.
Key BOI Filing Details:
Who Needs to File?
"Reporting companies" include most small LLCs, corporations, and similar businesses. Exemptions apply to publicly traded companies and some regulated entities. For example, a locally owned Olive Branch diner would need to file, while a large financial institution would not.
What Is a Beneficial Owner?
A beneficial owner is someone who:
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Holds substantial control over the business, OR
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Owns 25% or more of it.
For instance, a co-owner of an Olive Branch logistics company with a 30% stake and decision-making authority qualifies as a beneficial owner.
What Information Is Needed?
You’ll need to provide:
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Business name, address, EIN.
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Owners’ names, addresses, DOBs, and identification documents.
How and When to File:
BOI reports must be filed electronically via FinCEN. Deadlines:
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Existing companies: File by 01/01/2025.
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2024 startups: File within 90 days of formation.
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2025+ startups: File within 30 days of formation.
Let ZenBusiness assist with your BOI filing to ensure accuracy and compliance.
Penalties for Non-Compliance:
Failure to file can lead to fines of up to $500 per day, a maximum of $10,000, and potential criminal penalties. A 90-day safe harbor allows corrections without penalties.
Additional Resources:
Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!
*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.
This Hot Deal is promoted by Olive Branch Chamber of Commerce.
