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Stay Compliant: FinCEN BOI Filing for Winters, CA Due by 01/01/2025

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Stay Compliant: FinCEN BOI Filing for Winters, CA Due by 01/01/2025


The Corporate Transparency Act may mandate U.S. companies to disclose their beneficial owners to combat financial crimes, with details like names and addresses submitted electronically to FinCEN.☑

As of today, 12/04/2024, Winters, CA business owners have 27 calendar days (or 20 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN.

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.

A “beneficial owner” is someone who either has substantial control over a company or owns at least 25% of it. For example, in Winters, a co-owner of a local plumbing company who owns 40% of the business and is responsible for major operational decisions 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 offers tools and guidance for small businesses navigating the BOI reporting process, ensuring businesses comply with FinCEN requirements efficiently.

Who Needs to 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 Winters, CA would likely need to file a BOI report.

ZenBusiness offers a straightforward way to manage your BOI reporting with their comprehensive filing services, ensuring you meet FinCEN deadlines and avoid penalties with ease.

Penalties for Non-Compliance:

Failure to file may lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties, unless a Texas federal district court's preliminary injunction is overturned. FinCEN provides a 90-day safe harbor period for corrections without penalties.

Additional Resources:

We want to hear from you!

We value 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! Thank you for your support!


*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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