FinCEN’s BOI Reporting Deadline: Burlington, NC Businesses Must File by 01/01/2025 to Avoid Penalties
The Corporate Transparency Act (CTA) requires Burlington, NC businesses to file Beneficial Ownership Information (BOI) reports with FinCEN to enhance transparency and combat financial crimes.
As of today, 11-26-2024, Burlington business owners have 36 calendar days (or 27 business days) left to file their BOI report with FinCEN—act now to avoid daily fines of $500 for non-compliance!
Key Steps for Burlington Businesses
1. Confirm Your Filing Obligation
Deadline: ASAP
Most corporations and LLCs qualify as "reporting companies." Exemptions apply to banks, publicly traded companies, and nonprofits.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners include individuals who:
-
Hold 25% ownership or more.
-
Exercise substantial control over the business.
3. Prepare Necessary Information
Deadline: 12-17-2024
Collect:
-
Business Information: Name, EIN, and address.
-
Beneficial Owners’ Details: Full names, dates of birth, residential addresses, and ID documents.
4. Submit Your BOI Report
Deadlines:
-
Businesses formed before 01/01/2024: File by 01/01/2025.
-
Businesses formed in 2024: File within 90 days of creation.
-
Businesses formed on or after 01/01/2025: File within 30 days of creation.
Click here to see how ZenBusiness can simplify your filing process!
Additional Information About BOI Filing
Who Must File?
"Reporting companies" include most corporations and LLCs. For instance, a Burlington-based boutique operating as an LLC would need to file. Exemptions apply to banks, nonprofits, and publicly traded companies.
Who Is a Beneficial Owner?
A beneficial owner is someone who:
-
Holds 25% ownership or more, or
-
Has significant control over the company.
For example, if two co-owners each own 50% of a Burlington landscaping business, both are beneficial owners and must be reported.
What Information Is Required?
Reports must include:
-
Business Details: Name, EIN, and address.
-
Beneficial Owners’ Information: Names, birthdates, residential addresses, and official ID details.
How to File
Submit reports electronically via FinCEN’s online portal. Deadlines vary based on company formation dates:
-
Existing companies (pre-2024): File by 01/01/2025.
-
Newly formed companies (2024): File within 90 days.
-
Companies formed in 2025 or later: File within 30 days.
Penalties for Non-Compliance
Failing to file or submitting false information can result in fines of $500 per day, up to $10,000, and even imprisonment. However, FinCEN allows a 90-day grace period for corrections.
How ZenBusiness Can Help
ZenBusiness provides expert support for BOI reporting, ensuring compliance with accuracy and ease. Save time and avoid penalties with their streamlined filing process. Start filing with ZenBusiness now!
Helpful BOI Resources
Ensure your compliance today to avoid penalties tomorrow!
This Hot Deal is promoted by Alamance Chamber.
