FinCEN Alerts Gahanna Businesses: File BOI Reports by 01/01/2025 or Risk $500 Daily Fines!

The Corporate Transparency Act (CTA) requires certain businesses to report Beneficial Ownership Information (BOI) to FinCEN, a step toward fighting financial crimes like money laundering and tax evasion.

As of today, November 26, 2024, Gahanna, Ohio business owners have 36 calendar days (or 26 business days) left to file their BOI reports with FinCEN before the January 1, 2025, deadline. Avoid daily fines of $500 by filing now!

Immediate Actions for Gahanna Businesses

1. Confirm Filing Requirements

Most corporations, LLCs, and similar entities must file unless exempt (e.g., banks, nonprofits). Verify today if your company qualifies as a "reporting company."

2. Identify Your Beneficial Owners

Beneficial owners are those who either control the company or own 25% or more. ZenBusiness can help streamline this process.

3. Gather Necessary Information

Collect:

• Company details: Name, address, and EIN.

• Owner details: Full name, residential address, date of birth, and government-issued ID.

4. Submit Your BOI Report

• Existing companies: File by 01/01/2025.

• New companies (formed in 2024): File within 90 days of creation.

• New companies (2025+): File within 30 days of formation.

ZenBusiness simplifies BOI reporting—get started now!

Additional Details for Gahanna Businesses

Who Needs to File?

"Reporting companies" include most U.S.-based corporations and LLCs, except entities like banks and charities. For instance, a small marketing firm in Gahanna must file, while a local church-run charity may be exempt.

What is a Beneficial Owner?

A beneficial owner is someone who:

1. Owns at least 25% of the company, OR

2. Has substantial decision-making authority.

Example: If two partners each own 50% of a local IT startup in Gahanna, both are beneficial owners.

What Information is Required?

The BOI report requires:

• Company details like name, EIN, and address.

• Owner details such as name, address, date of birth, and valid ID information.

How and When to File?

Submit your report electronically via FinCEN’s secure portal:

• Existing companies: Deadline is 01/01/2025.

• New companies: Deadlines vary—90 days after formation in 2024, 30 days for those formed in 2025.

Penalties for Missing the Deadline

Failing to file or providing false information could result in:

• Daily fines up to $500 (maximum $10,000 total).

• Imprisonment for intentional violations.

Mistakes can be corrected within a 90-day safe harbor period without penalty.

Let ZenBusiness Help

ZenBusiness offers an easy, expert-guided solution for BOI filing, saving time and ensuring accuracy.

Start your BOI filing today with ZenBusiness.

Helpful BOI Resources

• FinCEN BOI FAQ

• ZenBusiness's BOI Filing Services for Business Owners

• Who Is Exempt from the Corporate Transparency Act?

• Remember These Corporate Transparency Act Deadlines

• A Guide to BOI Compliance

• BOI Filing Advice for Small Businesses

• Beneficial Ownership Information Form How-Tos

Act now to meet the January 1, 2025, deadline and keep your Gahanna business compliant!

Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!

*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.