FinCEN's BOI Reporting Deadline: Bulverde, TX Businesses File Now to Avoid Penalties by 01/01/2025
The Corporate Transparency Act (CTA) requires businesses in Bulverde, TX, to report Beneficial Ownership Information (BOI) to FinCEN, ensuring transparency and preventing financial crimes like money laundering.
As of today, 11-26-2024, Bulverde business owners have 36 calendar days (or 27 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t delay, or you could face fines of $500 per day!
Action Plan for Bulverde Business Owners
1. Confirm Your Reporting Requirements
Deadline: ASAP
Determine if your company qualifies as a "reporting company." Most corporations and LLCs must file, excluding exempt businesses like nonprofits or publicly traded companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
A beneficial owner is anyone who:
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Owns 25% or more of the company, or
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Exercises substantial control over operations.
3. Gather Required Information
Deadline: 12-17-2024
Ensure you collect:
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Business Info: Name, EIN, address.
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Owner Info: Names, birthdates, addresses, and government-issued ID details.
4. Submit the BOI Report
Deadlines:
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Existing businesses: File by January 1, 2025.
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New companies (formed in 2024): File within 90 days of formation.
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New companies (formed in 2025 or later): File within 30 days of formation.
ZenBusiness simplifies the filing process—click here to get started!
Key Details About BOI Filing
Who Needs to File?
Most small businesses in Bulverde qualify as "reporting companies." For example, a local family-owned hardware store would need to file. Exemptions include banks, large public companies, and charities.
What Is a Beneficial Owner?
Beneficial owners meet one of these criteria:
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Owns 25% or more of the business, or
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Exerts significant control over decision-making.
For instance, in a Bulverde coffee shop co-owned by three partners, all owning 33%, all three are beneficial owners.
What Information Is Required?
Reports require:
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Business Info: Legal name, EIN, address.
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Owner Info: Full name, date of birth, residential address, and government-issued ID.
Filing and Deadlines
BOI reports must be submitted electronically via FinCEN’s secure portal.
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Companies formed before January 1, 2024: File by January 1, 2025.
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Companies formed in 2024: File within 90 days of registration.
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Companies formed after January 1, 2025: File within 30 days of creation.
Penalties for Missing Deadlines
Failure to file can result in daily fines of $500, with potential total penalties up to $10,000, and possible imprisonment for severe violations. There’s a 90-day grace period to fix errors.
Why Choose ZenBusiness?
ZenBusiness streamlines BOI reporting, offering expert guidance to save you time and ensure accuracy. Avoid penalties and ensure compliance with their trusted support. Learn more and start filing now!
Resources for Business Owners
Stay proactive and secure your compliance today!
