Urgent: FinCEN Requires BOI Filings from Des Moines, IA by 01/01/2025
The Corporate Transparency Act mandates certain U.S. companies to report their beneficial owners to combat financial crimes, requiring details like names and addresses to be filed electronically with FinCEN.
Today, 12/04/2024, Des Moines, IA business owners have just 27 calendar days (or 20 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!
1. Determine if Your Business Must File.
Most LLCs, corporations, and small businesses qualify as “reporting companies.” Exemptions apply to publicly traded companies and certain regulated entities.
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.
An example for Des Moines businesses: A co-owner of a local hardware store who owns 40% of the business and is responsible for major operational decisions is 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 tap into the expertise of ZenBusiness BOI reporting services, which provides simplified processes and accurate guidance to ensure compliance with FinCEN requirements.
Who Needs to 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.
An example for Des Moines businesses: A local coffee shop would likely need to file a BOI report.
What Is a Beneficial Owner?
A beneficial owner is someone who:
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Holds substantial control over the company, OR
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Owns 25% or more of it.
An example for Des Moines businesses: A managing partner of a local coffee shop who holds a 35% ownership stake and oversees all major strategic decisions is recognized as a beneficial owner.
What Information Is Needed?
You’ll need:
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Business name, address, EIN.
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Owners’ names, addresses, DOBs, and identification documents.
How and When to File:
BOI reports must be submitted electronically with FinCEN. Deadlines:
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Existing companies: File by 01/01/2025.
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2024 startups: File within 90 days of formation.
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2025+ startups: File within 30 days of formation.
Small business owners can ensure swift and accurate compliance through ZenBusiness BOI filing services, avoiding the worry of wading through complicated rules and regulations.
Penalties for Non-Compliance:
Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN offers a 90-day safe harbor for corrections without penalties.
Additional Resources:
We want to hear from you!
Your feedback matters! Please complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. Find the survey here! We appreciate your support!
*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.
This Hot Deal is promoted by Des Moines West Side Chamber.
