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Attention West Palm Beach, FL Businesses: FinCEN's BOI Filing Deadline is Fast Approaching! File Before 01/01/2025 to Avoid Potential Fines

Attention West Palm Beach, FL Businesses: FinCEN's BOI Filing Deadline is Fast Approaching! File Before 01/01/2025 to Avoid Potential Fines

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The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance financial transparency and combat financial crimes.

As of now, on November 27, 2024, West Palm Beach, Florida, business owners have just 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t wait, or you could face $500 per day in fines!

 

 

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and small businesses qualify as "reporting companies." Exemptions apply to publicly traded companies and certain regulated entities.

2. Identify Your Beneficial Owners.

Beneficial owners are individuals with substantial control or 25% or more ownership of your business. For example, the owner of a West Palm Beach-based interior design firm with a 30% stake 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.

ZenBusiness can help simplify BOI filing for your business to ensure ongoing compliance.

 

 

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in West Palm Beach. Exemptions apply to publicly traded and regulated entities. For instance, a West Palm Beach-based boutique advertising agency would likely need to file, while a national advertising corporation would not.

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.

For example, a co-owner of a West Palm Beach-based luxury retail store with a 40% stake 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.

Let ZenBusiness walk you through your BOI filing to ensure a smooth process.

Penalties for Non-Compliance:

Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN provides a 90-day safe harbor for corrections without penalties.

 

 

Additional Resources:

Attention West Palm Beach, FL Busines...