FinCEN's BOI Filing Deadline: 01/01/2025 - Dallas-Fort Worth-Arlington, TX Businesses Must Act Now!

EconomicGeneral News ArticlePress Release

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

As of today, November 27, 2024, Dallas-Fort Worth-Arlington, Texas, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t wait, or you could face fines of $500 per day!

 

 

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and small businesses qualify as "reporting companies." Exceptions include 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 the company. For example, the owner of a Fort Worth-based real estate agency 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.

Let ZenBusiness make the filing process simple and efficient today.

 

 

Key BOI Filing Details:

Who Needs to File?

A "reporting company" includes most LLCs, corporations, and small businesses. Exemptions apply to large, publicly traded companies and specific regulated entities. For instance, a Dallas-based tech startup would need to file, but a national bank would not.

What Is a Beneficial Owner?

A beneficial owner is anyone who:

  1. Has substantial control over the company, OR

  2. Owns 25% or more of it.

For example, a co-owner of an Arlington restaurant with a 50% stake and decision-making authority qualifies as a beneficial owner.

What Information Is Needed?

You’ll need:

  • Business name, address, EIN.

  • Owners’ names, addresses, DOBs, and identification details.

How and When to File:

BOI reports must be filed electronically via 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.

Click here to let ZenBusiness assist with your filing process.

Penalties for Non-Compliance:

Failure to file can lead to fines of up to $500 per day, reaching a maximum of $10,000, along with potential criminal penalties. A 90-day safe harbor allows corrections without penalty.

 

 

Additional Resources:

Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] 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.

FinCEN's BOI Filing Deadline: 01/01/2...