Shifting Gears for the CTA, BOI and FinCEN: Guidance for Yarmouth, MA Businesses
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.
While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.
However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines if this injunction is overruled. Waiting could mean scrambling to meet compliance requirements or penalties. ZenBusiness offers professional BOI compliance tools and easy-to-follow directions for those interested in addressing these worries now, ensuring completion with easy accuracy.
1. Determine if Your Business Must File.
A ‘reporting company’ is any small business, corporation, or LLC that is registered with the state, unless exempt. Exemptions apply to publicly traded companies, banks, and charities. For example, a local restaurant in Yarmouth, MA would likely need to file a BOI report.
2. Identify Your Beneficial Owners.
A ‘beneficial owner’ is someone who either has substantial control over a company or owns at least 25% of it. For example, in Yarmouth, if a photographer owns 40% of their photography business and makes key decisions regarding business operations and investments, they are considered 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.
Business owners can stay on top of compliance by filing now through ZenBusiness, whose simple-to-use guidance and tools ensure meeting the FinCEN regulations.
Additional Resources:
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We value your feedback! Please complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! Your participation makes a difference!
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.
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