FinCEN Alert: BOI Filing Deadline for Eatontown, NJ is 01/01/2025

The Corporate Transparency Act mandates certain U.S. companies to report their key owners’ details to combat financial crimes.

Now that it’s, 12/04/2024, Eatontown, NJ business owners have just 27 calendar days (or 20 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—and if you wait, you could face fines of $500 per day!

1. Determine if Your Business Must File.

LLCs, corporations, and small businesses typically qualify as “reporting companies.” Exemptions apply to publicly traded companies and certain regulated entities.

2. Identify Your Beneficial Owners.

A “beneficial owner” is anyone who either exercises substantial control over a company or owns at least 25% of it. 

An example for Eatontown business owners: The owner of a local salon who holds a 40% stake in the business and makes key operational decisions qualifies as 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.

If you’re searching for a simple solution, ZenBusiness offers BOI reporting services that make compliance with FinCEN requirements quick and headache-free.

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 Eatontown business owners: A local restaurant would likely need to file a BOI report.

What Is a Beneficial Owner?

A beneficial owner is someone who:

1. Holds substantial control over the company, OR

2. Owns 25% or more of it.

An example for Eatontown business owners: A managing partner of a family-owned hardware store who shapes business strategies and owns 35% of the company qualifies as a beneficial owner.

What Information Is Needed?

You’ll need:

• Business name, address, EIN.

• Owners’ names, addresses, DOBs, and identification documents.

How and When to File:

BOI reports must be submitted electronically with FinCEN. Deadlines:

• Existing companies: File by 01/01/2025.

• 2024 startups: File within 90 days of formation.

• 2025+ startups: File within 30 days of formation.

Instead of wading through the red tape, business owners can use BOI filing services through ZenBusiness that help them meet FinCEN requirements quickly and easily.

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:

• BOI Filing for Small Businesses

• Who’s Exempt from the Corporate Transparency Act?

• Corporate Transparency Act

• FinCEN FAQ

• FinCEN BOI FAQ

• State Requirements for Beneficial Ownership Reporting

We want to hear from you!

Join us in making an impact! Complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. Your feedback is invaluable!

*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.