The Corporate Transparency Act (CTA) requires many U.S. businesses to report Beneficial Ownership Information (BOI) to FinCEN, aiming to improve transparency and combat financial crimes like money laundering and tax evasion.
As of today, 11/27/2024, Long Island, New York 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!
Who must file? Most corporations, LLCs, and similar entities formed in the U.S., except exempt businesses (e.g., banks, charities, and publicly traded companies).
Who qualifies? Anyone exercising significant control over the company or owning at least 25% of it.
What you need: Business name, address, EIN, and for each beneficial owner: full name, address, date of birth, and an identification document.
Deadlines:
Existing companies: 01/01/2025
New companies (2024): Within 90 days of formation
New companies (2025+): Within 30 days of formation
Click here to learn how ZenBusiness can help you file your BOI report with ease.
"Reporting companies" include most U.S.-based corporations, LLCs, and similar entities, unless they fall under exemptions like banks, tax-exempt nonprofits, and large publicly traded companies. For example, a family-owned bakery in Long Island with no exemptions would likely need to file.
A beneficial owner is someone who either (1) holds substantial control over the company’s operations or (2) owns at least 25% of its equity. For instance, in a small Long Island restaurant, the chef-owner holding 50% ownership is a beneficial owner.
Businesses must report their own identifying information (name, address, EIN) and detailed information about each beneficial owner (name, date of birth, residential address, and identification document).
BOI reports must be submitted electronically through FinCEN’s system.
Existing companies (before 01/01/2024): File by 01/01/2025.
New companies (2024): File within 90 days of creation.
New companies (2025 or later): File within 30 days of creation.
Failure to comply can result in daily fines of $500, up to $10,000, and potential imprisonment. However, FinCEN offers a 90-day safe harbor for correcting errors.
ZenBusiness simplifies the BOI filing process by offering expertise and easy-to-use services, ensuring accuracy and compliance. Start your filing today!
Act now to protect your business and stay compliant!
We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable 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.
