FinCEN's BOI Reporting Deadline: Beachwood, OH Businesses Must File by 01/01/2025 or Face Penalties
The Corporate Transparency Act (CTA) mandates businesses in Beachwood, OH, to report Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, aiming to curb financial crimes like money laundering and tax evasion.
As of today, 11-26-2024, Beachwood business owners have 36 calendar days (or 27 business days) to complete their BOI filings—failure to comply could result in fines of $500 per day.
Steps for Compliance
1. Confirm if Your Business Needs to File
Deadline: ASAP
Corporations, LLCs, and similar entities qualify unless exempt, such as nonprofits or publicly traded companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are those who:
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Own 25% or more of the company, or
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Hold substantial control over operations.
3. Collect Required Information
Deadline: 12-17-2024
Details needed include:
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Company Information: Name, EIN, address
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Owner Information: Names, addresses, birthdates, ID documentation
4. File Your BOI Report
Deadlines:
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Existing companies: 01/01/2025
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New companies (2024): 90 days post-formation
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New companies (2025): 30 days post-formation
Let ZenBusiness help simplify the filing process.
BOI Reporting: What You Need to Know
Who Needs to File?
Most LLCs and corporations qualify as reporting companies. For example, a local Beachwood marketing agency structured as an LLC must file. Exemptions include nonprofits, banks, and publicly traded firms.
What Is a Beneficial Owner?
A beneficial owner is someone with:
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Significant control over the company, or
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25% or more ownership.
For example, in a Beachwood café, the managing partner with 30% ownership qualifies as a beneficial owner.
What Information Is Required?
You’ll need:
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Business name, EIN, and address
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Owner details, including names, addresses, birthdates, and identification documents
How and When to File?
BOI reports are submitted electronically via FinCEN’s online system. Deadlines depend on the company’s formation date:
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Formed before 2024: File by 01/01/2025
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Formed in 2024: File within 90 days
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Formed in 2025: File within 30 days
Penalties for Non-Compliance
Penalties include daily fines of $500 and potential imprisonment. FinCEN offers a 90-day safe harbor for correcting errors without penalty.
ZenBusiness: Your BOI Filing Partner
ZenBusiness offers streamlined support to ensure your BOI filing is accurate and hassle-free. Avoid fines and save time—start today.
Additional Resources
Act now to meet the 01/01/2025 deadline and avoid unnecessary penalties!
