FinCEN’s BOI Reporting Deadline: Fort Lauderdale Businesses Should File by 01/01/2025 or Face $500 Daily Fines
FinCEN’s BOI Reporting Deadline: Fort Lauderdale Businesses Should File by 01/01/2025 or Face $500 Daily Fines
Under the Corporate Transparency Act (CTA), businesses must disclose Beneficial Ownership Information (BOI) to FinCEN, helping combat crimes like money laundering and tax evasion.
As of today, November 26, 2024, Fort Lauderdale, Florida business owners have 36 calendar days (or 26 business days) left to submit their BOI reports. Missing the January 1, 2025, deadline could result in fines of $500 per day—don’t delay!
Action Steps for Fort Lauderdale Businesses:
1. Determine if your business must file.
Most LLCs, corporations, and similar entities must file unless exempt (e.g., banks, charities, or publicly traded companies).
2. Identify your beneficial owners.
Beneficial owners include individuals who own at least 25% of the company or exercise significant control. Simplify this process with ZenBusiness.
3. Collect necessary details.
Gather details such as names, addresses, dates of birth, and government-issued ID information for all beneficial owners.
4. File your BOI report electronically.
Existing companies (pre-2024): File by 01/01/2025.
New companies (2024): File within 90 days of formation.
New companies (2025+): File within 30 days of formation.
ZenBusiness can help you complete your BOI filing quickly and accurately.
What You Need to Know About BOI Filing:
Who Needs to File?
Businesses required to file include most LLCs and corporations. Exemptions apply to banks, nonprofits, and publicly traded companies. For example, a Fort Lauderdale-based marketing firm organized as an LLC would need to file, while a local nonprofit wildlife organization would not.
Who is a Beneficial Owner?
A beneficial owner is someone who:
Owns 25% or more of the business, OR
Exercises substantial control over its operations.
For example, a Fort Lauderdale boutique shop co-owned equally by two partners requires both owners to be listed as beneficial owners.
What Information is Required?
Businesses need to submit:
Company information: Name, address, and EIN.
Beneficial owner details: Name, date of birth, residential address, and a government-issued ID (e.g., passport or driver’s license).
This ensures transparency and compliance with the law.
How and When to File?
BOI reports must be submitted electronically via FinCEN’s secure online system. Deadlines depend on the company’s formation date:
Existing businesses (pre-2024): File by 01/01/2025.
New businesses (2024): File within 90 days of registration.
New businesses (2025+): File within 30 days of registration.
Non-Compliance Penalties:
Failing to file or submitting false information can result in:
Daily fines of $500, up to a maximum of $10,000.
Potential imprisonment for willful violations.
However, FinCEN offers a 90-day safe harbor to correct errors without penalties.
ZenBusiness Simplifies BOI Filing:
ZenBusiness provides:
Expert assistance to identify beneficial owners accurately.
A streamlined filing process to ensure timely compliance.
Start your BOI filing with ZenBusiness today.
Additional BOI Resources:
Act today to meet the January 1, 2025, deadline and ensure your Fort Lauderdale business avoids unnecessary fines and penalties!
We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable 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.