FinCEN's BOI Reporting Deadline: Arlington Heights, IL Businesses Must File by 01/01/2025 or Face Fines
The Corporate Transparency Act (CTA) mandates that many businesses disclose Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and combat financial crimes.
As of today, 11-26-2024, Arlington Heights, IL business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don’t wait, as fines of up to $500 per day apply to late submissions.
Action Items for Arlington Heights Businesses
1. Determine If Your Business Must File
Deadline: ASAP
Most LLCs, corporations, and similar entities are required to file unless exempt. Exemptions include nonprofits, banks, and publicly traded companies.
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals with substantial control or 25% or more ownership in the business.
3. Gather Required Information
Deadline: 12-17-2024
Required information includes:
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Business name, address, and formation details
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Beneficial owners' full names, birth dates, addresses, and valid ID
4. File Your BOI Report
Deadlines:
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Existing companies (formed before 01/01/2024): File by 01/01/2025.
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New companies (formed in 2024): File within 90 days of formation.
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Businesses formed after 01/01/2025: File within 30 days of formation.
ZenBusiness can guide you through the filing process.
Understanding BOI Reporting
Who Needs to File?
"Reporting companies" include most corporations and LLCs. For instance, a small Arlington Heights IT consulting firm structured as an LLC would need to file unless exempt. Exempt entities include nonprofits and publicly traded companies.
What is a Beneficial Owner?
Beneficial owners are defined as individuals who:
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Have substantial control over the company (e.g., authority to make major decisions), or
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Own 25% or more of the company.
For example, in a local boutique, the partner who owns 30% equity and the manager overseeing operations both qualify as beneficial owners.
What Information is Needed?
The BOI report requires details about both the company and its beneficial owners, including:
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Company information: Name, address, and formation details
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Owner information: Names, addresses, dates of birth, and valid identification
Accuracy is critical to avoid penalties.
How and When to File
BOI reports must be submitted electronically via FinCEN’s online portal. Filing deadlines depend on when the business was established:
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Companies formed before 01/01/2024 must file by 01/01/2025.
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Companies formed in 2024 must file within 90 days.
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Companies formed after 01/01/2025 must file within 30 days.
Penalties for Non-Compliance
Failure to comply or submitting false information can lead to daily fines of up to $500 and possible imprisonment. Businesses can correct mistakes within a 90-day safe harbor period without penalties.
How ZenBusiness Can Help
ZenBusiness simplifies BOI compliance by providing expert support to ensure accurate and timely filings. Save time and avoid penalties by using their tailored services. Start filing here.
Additional Resources
Act now to meet the deadline and maintain compliance—file your BOI report today!
