FinCEN's BOI Reporting Deadline: 01/01/2025 – Charlottesville, VA Businesses Act Now to Avoid Fines!
The Corporate Transparency Act (CTA) mandates businesses in Charlottesville, VA, to submit Beneficial Ownership Information (BOI) to FinCEN to curb financial crimes such as money laundering and tax evasion.
As of today, 11-26-2024, Charlottesville business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—delay could mean fines of $500 per day!
Action Steps for Charlottesville Businesses
1. Confirm Filing Requirement
Deadline: ASAP
Most LLCs, corporations, and similar entities must file unless exempt, such as charities or publicly traded companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who either:
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Own 25% or more of the business, or
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Hold substantial control over its operations.
3. Collect Necessary Information
Deadline: 12-17-2024
Details needed include:
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Business: Name, EIN, and physical address.
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Beneficial Owners: Name, residential address, birth date, and ID details.
4. Submit Your BOI Report
Deadlines:
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Existing Businesses: File by 01/01/2025.
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New Businesses (2024): File within 90 days of formation.
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New Businesses (2025 and later): File within 30 days of formation.
Get started with ZenBusiness to ensure compliance with ease.
Understanding the Filing Requirements
Who Needs to File?
Most small businesses, like local bakeries or landscaping services in Charlottesville, qualify as “reporting companies.” Exemptions include banks and nonprofits.
Who Is a Beneficial Owner?
A beneficial owner is someone who either:
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Owns 25% or more of the business, or
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Exercises significant control over business decisions.
For example, a small art gallery co-owned by two partners, with one managing operations and another providing capital, may require both to report as beneficial owners.
What Information Must Be Provided?
Each BOI report requires:
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Business Details: Name, EIN, and address.
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Owner Details: Full names, home addresses, birth dates, and ID numbers.
How and When to File
Submit reports electronically via FinCEN’s system. Filing deadlines are:
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Existing Businesses (pre-2024): File by 01/01/2025.
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New Businesses (2024): File within 90 days of registration.
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New Businesses (2025 and later): File within 30 days of registration.
Penalties for Non-Compliance
Failure to file or providing inaccurate information could lead to fines of $500 per day and imprisonment. Businesses have a 90-day grace period to correct errors.
Why ZenBusiness?
ZenBusiness simplifies BOI reporting, ensuring accurate filings and saving businesses valuable time. Let ZenBusiness help you stay compliant today.
Additional Resources
Ensure your Charlottesville business is prepared before the deadline to avoid costly penalties!
