FinCEN's BOI Reporting in Burleson, TX: File Before 01/01/2025 to Avoid $500 Per Day Penalties
The Corporate Transparency Act (CTA) mandates that businesses in Burleson, TX, disclose Beneficial Ownership Information (BOI) to FinCEN to enhance financial transparency and prevent crimes such as money laundering.
As of today, 11-26-2024, Burleson business owners have 36 calendar days (or 27 business days) left to submit their Beneficial Ownership Information (BOI) report with FinCEN—act now to avoid fines of $500 per day for non-compliance!
Action Steps for Burleson Businesses
1. Determine Filing Eligibility
Deadline: ASAP
Confirm if your company is a "reporting company." Most corporations and LLCs must file, while exemptions apply to charities, banks, and public companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners include anyone who:
Holds 25% or more ownership, or
Exercises significant control over the business.
3. Gather the Required Details
Deadline: 12-17-2024
Compile the following:
Business Information: Name, EIN, address.
Owner Information: Full names, birthdates, addresses, and government-issued ID data.
4. File the BOI Report
Deadlines:
Companies formed before January 1, 2024: File by 01/01/2025.
Companies formed in 2024: File within 90 days of creation.
Companies formed after January 1, 2025: File within 30 days of creation.
Click here to learn how ZenBusiness can simplify the filing process!
Essential Information About BOI Filing
Who Needs to File?
Businesses qualifying as "reporting companies" must submit BOI reports. For example, a locally owned restaurant in Burleson operating as an LLC would likely need to file. However, nonprofits and public companies are exempt.
What Is a Beneficial Owner?
A beneficial owner is someone who:
Directly or indirectly owns 25% or more, or
Has substantial control over the company.
For instance, if two co-owners each hold 50% of a Burleson boutique, both are beneficial owners and must be reported.
What Information Must Be Provided?
Reports require:
Business Information: Name, EIN, address.
Beneficial Owner Information: Full names, birthdates, residential addresses, and official identification.
How and When to File
BOI reports are submitted electronically through FinCEN’s online system. Deadlines vary:
Existing companies (formed before 01/01/2024): File by 01/01/2025.
New companies (formed in 2024): File within 90 days of formation.
New companies (formed after 01/01/2025): File within 30 days of formation.
Penalties for Non-Compliance
Failing to file or providing incorrect information may lead to daily fines of $500, potential total fines up to $10,000, and even imprisonment for severe violations. However, FinCEN provides a 90-day correction period to amend errors without penalties.
Simplify Compliance with ZenBusiness
ZenBusiness offers expert assistance with BOI reporting, ensuring accuracy and saving valuable time. With their guidance, Burleson business owners can meet deadlines effortlessly and avoid costly penalties. Get started with ZenBusiness today!
Additional BOI Resources
Don’t wait—secure your compliance and ensure peace of mind today!