Stay Ahead: FinCEN BOI Filing for Elgin, IL Due by 01/01/2025
The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.
As of today, 12/05/2024, Elgin, IL business owners have 26 calendar days (or 19 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN.
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 Elgin, IL 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 Elgin, the owner of a local jewelry store who holds a 40% ownership stake and makes key operational decisions would be considered a beneficial owner.
3. Gather the Required Information.
Prepare:
Business name, address, and EIN.
Beneficial owners’ names, addresses, DOBs, and ID details.
4. File Your BOI Report.
Deadlines:
Existing businesses: File by 01/01/2025.
New companies (2024): File within 90 days of formation.
New companies (2025+): File within 30 days of formation.
ZenBusiness assists with BOI reporting by offering clear guidance and streamlining the filing process, helping businesses comply with FinCEN regulations.
Penalties for Non-Compliance:
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 may lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties. FinCEN provides a 90-day safe harbor period for corrections without penalties.
ZenBusiness offers services and tools to help business owners sort these details now, avoiding potential penalties and ensuring compliance.
Additional Resources:
We want to hear from you!
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! Thank you for 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.