FinCEN's BOI Deadline: Eugene-Springfield Businesses Must File by 01/01/2025 to Avoid $500 Daily Penalties
The Corporate Transparency Act (CTA) requires most U.S.-based companies to disclose Beneficial Ownership Information (BOI) to FinCEN to enhance financial transparency and combat crimes like money laundering and tax evasion.
As of today, November 27, 2024, business owners in the Eugene-Springfield, Oregon, area have 35 calendar days (or 25 business days) left to file their BOI reports with FinCEN. Act now to avoid penalties of $500 per day!
Next Steps for Eugene-Springfield Business Owners:
1. Determine if your business must file.
Most U.S.-registered LLCs, corporations, and similar entities are required to file unless exempt, such as banks, charities, or publicly traded companies.
2. Identify your beneficial owners.
Beneficial owners include individuals who own at least 25% of the business or have substantial control. ZenBusiness can simplify and expedite this step for you.
3. Gather the necessary information.
Collect names, dates of birth, addresses, and government-issued ID details for each beneficial owner.
4. File your BOI report electronically.
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Existing companies (formed before 2024): File by 01/01/2025.
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New companies (formed in 2024): File within 90 days of formation.
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New companies (2025+): File within 30 days of formation.
Learn how ZenBusiness can help you meet your BOI filing requirements.
Key Information About BOI Filing:
Who Needs to File?
"Reporting companies" include most LLCs, corporations, and other small businesses. Exemptions apply to banks, nonprofits, and publicly traded companies. For example, a Eugene coffee shop organized as an LLC would likely need to file, but a local nonprofit food pantry would not.
Who is a Beneficial Owner?
A beneficial owner is anyone who:
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Owns at least 25% of the business, OR
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Exercises significant control over operations.
For instance, if three partners co-own a Springfield retail boutique, each with 33% ownership, all three would be considered beneficial owners under the CTA.
What Information is Needed?
BOI reports require:
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Business information: Name, address, and EIN.
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Beneficial owner information: Name, date of birth, residential address, and government-issued ID (e.g., passport or driver’s license).
This ensures compliance and transparency with the law.
How and When to File?
BOI reports must be submitted electronically through FinCEN’s secure system. Deadlines depend on when your business was created:
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Existing businesses (pre-2024): File by 01/01/2025.
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New businesses (formed in 2024): File within 90 days of registration.
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New businesses (formed in 2025 or later): File within 30 days of registration.
Penalties for Non-Compliance:
Failure to file or providing false information can result in:
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Daily fines of $500, up to a maximum of $10,000.
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Potential imprisonment for willful violations.
Mistakes? The law provides a 90-day safe harbor for businesses to correct errors without penalty.
ZenBusiness Makes Filing Easy:
ZenBusiness provides expert assistance with BOI filing, ensuring:
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Accurate identification of beneficial owners.
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Hassle-free compliance with FinCEN’s requirements.
Get started with ZenBusiness today.
Additional BOI Resources:
Don’t wait until the last minute—ensure your BOI compliance today to meet the January 1, 2025 deadline!
Your input makes a difference! Take a few minutes to complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. [Take the survey here!] Thank you for supporting our Chamber and sharing your feedback!
*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.
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