Stay Ahead: FinCEN BOI Deadline for Eau Claire, WI is 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, Eau Claire, WI 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 bakery in Eau Claire, WI would likely need to file a BOI report, while a national bank would not.
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. This includes individuals such as decision-makers, managing partners, or co-owners with significant stakes. For example, in Eau Claire, if a co-owner of a carpet cleaning business makes strategic decisions and holds 40% of the company’s shares, they are 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.
With the guidance of ZenBusiness, small business owners can lean into information and tools that simplify the process of filing BOI reports, ensuring businesses comply with FinCEN requirements.
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.
By tapping into the services of ZenBusiness, small business owners can ensure their BOI compliance and avoid last minute paperwork shuffles.
Additional Resources:
We want to hear from you!
Join us in making an impact by completing our BOI survey by December 18, 2024—each response counts, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! We value your contribution!
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.