Stay Ahead: FinCEN BOI Filing for Flagstaff, AZ Due by 01/01/2025
The Corporate Transparency Act may require U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.
As of today, 12/05/2024, Flagstaff, AZ 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 coffee shop in Flagstaff, AZ would likely need to file a BOI report.
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. For instance, in Flagstaff, a partner in a local HVAC services company who owns 40% of the business and oversees major operational decisions is considered a beneficial owner.
3. Gather the Required Information.
Prepare:
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Business name, address, and EIN.
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Beneficial owners’ names, addresses, DOBs, and ID details.
4. File Your BOI Report.
Deadlines:
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Existing businesses: File by 01/01/2025.
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New companies (2024): File within 90 days of formation.
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New companies (2025+): File within 30 days of formation.
ZenBusiness can assist you with the BOI reporting process, ensuring your company complies with FinCEN requirements efficiently.
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.
ZenBusiness makes it easy to file so you can avoid hustling to meet the deadline or facing fines and penalties.
Additional Resources:
We want to hear from you!
We need your feedback! Please fill out our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! Your participation is invaluable!
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.
