FinCEN's BOI Reporting Deadline: American Canyon, CA Businesses Must File by 01/01/2025 to Avoid Fines

EducationEconomicPress Release



The Corporate Transparency Act (CTA) mandates that many businesses submit Beneficial Ownership Information (BOI) to FinCEN, aiming to increase transparency and combat financial crimes like tax evasion and money laundering.

As of today, 11-26-2024, American Canyon, CA business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—failure to comply could result in fines of $500 per day.

 

 

Steps for BOI Compliance

1. Verify If Your Business Needs to File

Deadline: ASAP
Most LLCs, corporations, and similar entities are required to file unless they qualify for exemptions like being publicly traded, a bank, or a charity.

2. Identify Your Beneficial Owners

Deadline: 12-10-2024
A beneficial owner is someone who either exercises substantial control or owns 25% or more of the company.

3. Collect Necessary Information

Deadline: 12-17-2024
You’ll need:

  • Business name, address, and formation details

  • Beneficial owners' names, dates of birth, addresses, and valid identification

4. Submit Your BOI Report

Deadlines:

  • Existing businesses (formed before 01/01/2024): File by 01/01/2025.

  • New businesses (formed in 2024): File within 90 days of formation.

  • Companies formed after 01/01/2025: File within 30 days of formation.

Learn how ZenBusiness can assist with the filing process.

 

 

More About BOI Reporting

Who Needs to File?

"Reporting companies" include most small businesses, such as LLCs and corporations. For instance, a wine distribution LLC in American Canyon would need to file unless exempt. Exemptions apply to entities like banks, publicly traded companies, and nonprofits.

What is a Beneficial Owner?

Beneficial owners are individuals who:

  1. Exercise substantial control (e.g., decision-making, financial authority).

  2. Own 25% or more of the company.
    For example, in a small restaurant in American Canyon, the head chef who owns 30% equity and the partner overseeing finances would both be considered beneficial owners.

What Information is Needed?

Businesses must report:

  • Company details: Name, address, and formation date

  • Owner details: Names, addresses, birth dates, and identification (e.g., driver's license)
    Both company and owner information must be accurate and up to date.

How and When to File

Reports must be filed electronically through FinCEN's system. Filing deadlines are as follows:

  • Companies formed before 01/01/2024: Deadline is 01/01/2025.

  • Companies formed in 2024: File within 90 days.

  • Companies formed after 01/01/2025: File within 30 days.

Penalties for Non-Compliance

Non-compliance or filing false information can lead to daily fines of up to $500 and potential imprisonment. Businesses have a 90-day safe harbor period to correct errors.

 

 

ZenBusiness: Simplifying BOI Filing

ZenBusiness offers streamlined BOI filing services, ensuring your business complies with FinCEN's requirements. Their expertise saves time and reduces stress. Get started here.

 

 

Additional Resources

Act now to ensure your compliance and avoid costly penalties!

FinCEN's BOI Reporting Deadline: Amer...