FinCEN's BOI Reporting Deadline: 01/01/2025 – Hailey, Idaho Businesses Must Act Now to Avoid $500 Per Day Fines!
The Corporate Transparency Act (CTA) requires certain businesses to submit Beneficial Ownership Information (BOI) to FinCEN, aiming to prevent financial crimes like money laundering and tax evasion.
As of today, November 27, 2024, Hailey, Idaho 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!
Key Action Steps for Hailey Businesses
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Determine if Your Business Needs to File
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Deadline: Immediately
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Most corporations, LLCs, and similar entities formed in the U.S. must file unless exempt (e.g., banks, publicly traded companies, charities).
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Identify Your Beneficial Owners
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Deadline: December 10, 2024
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A beneficial owner is anyone with substantial control or 25% ownership.
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Gather Required Information
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Deadline: December 17, 2024
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Collect names, addresses, dates of birth, and ID details for all beneficial owners.
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File Your BOI Report
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Deadline: Existing companies: January 1, 2025;
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Companies formed in 2024: within 90 days of registration;
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Companies formed after January 1, 2025: within 30 days of registration.
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Click here to learn how ZenBusiness can help you file your BOI report with ease.
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More About BOI Filing
Who Needs to File?
A "reporting company" includes most U.S.-based corporations, LLCs, and similar entities. Exceptions include banks, large public companies, and nonprofits. For instance, a local Hailey LLC operating as a boutique hotel must likely file, while a publicly traded financial institution would be exempt.
What is a Beneficial Owner?
A beneficial owner is someone who either controls the company or owns 25% or more of it. For example, in a Hailey-based artisan coffee business, the founder with 60% ownership and the manager overseeing day-to-day operations may both qualify.
Required Information
Reports must include company details and information about each beneficial owner, such as:
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Name
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Address
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Date of Birth
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Identification document information
How and When to File
BOI reports must be submitted electronically through FinCEN’s online portal. Existing businesses have until January 1, 2025. New companies formed in 2024 must file within 90 days of registration, while those formed after January 1, 2025, have 30 days.
Penalties for Non-Compliance
Failing to file or providing false information can lead to fines of up to $500 per day, with maximum penalties reaching $10,000 or even imprisonment. However, businesses have a 90-day safe harbor to correct errors.
Get Help with ZenBusiness
ZenBusiness simplifies the BOI filing process, ensuring compliance with minimal effort. From identifying beneficial owners to submitting the report, their expertise saves you time and ensures peace of mind. Get started here.
Additional Resources
Make sure your business complies with FinCEN's requirements before the January 1, 2025, deadline!
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.
