FinCEN’s BOI Reporting Deadline: Coolidge, AZ Businesses Should File by 01/01/2025
The Corporate Transparency Act (CTA) requires businesses in Coolidge, AZ, to report Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to comply with federal regulations aimed at combating financial crimes.
As of today, 11-26-2024, Coolidge business owners have 36 calendar days (or 27 business days) left to submit their BOI reports with FinCEN—act quickly to avoid $500-per-day fines!
Key Steps for Compliance
1. Determine if Your Business Must File
Deadline: ASAP
Most corporations, LLCs, and similar entities are required to file. Exceptions include banks, publicly traded companies, and nonprofits.
2. Identify Beneficial Owners
Deadline: 12-10-2024
A beneficial owner is someone who either:
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Owns 25% or more of the company.
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Has significant decision-making authority.
3. Prepare the Necessary Information
Deadline: 12-17-2024
Collect the following:
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Company name, EIN, and address.
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Beneficial owners' names, addresses, birthdates, and IDs.
4. File Your BOI Report
Deadlines:
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Existing companies (formed before 01/01/2024): File by 01/01/2025.
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New companies (formed in 2024): File within 90 days of creation.
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Companies formed after 01/01/2025: File within 30 days.
ZenBusiness makes it easy to file. Start your BOI report here.
Understanding BOI Filing for Coolidge Businesses
Who Needs to File?
A "reporting company" includes most LLCs and corporations. Exempt businesses include financial institutions, public companies, and charities. For example, a Coolidge auto repair LLC must comply, but a local credit union does not.
What is a Beneficial Owner?
Beneficial owners are individuals who either:
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Hold 25% or more of ownership shares.
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Exercise significant operational control.
Example: A Coolidge bakery co-owned by two partners, each holding 50% ownership, would identify both as beneficial owners.
What Information is Required?
Reports must include:
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Business information: Name, EIN, and address.
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Beneficial owner details: Full name, address, date of birth, and ID type and number.
How to File Your Report
Submit electronically via FinCEN’s system. Filing deadlines depend on company formation:
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Companies formed before 2024: File by 01/01/2025.
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Companies formed in 2024: File within 90 days.
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Companies formed after 01/01/2025: File within 30 days.
Penalties for Non-Compliance
Failure to file or providing inaccurate information can lead to:
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Fines up to $500 per day.
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Criminal charges, including imprisonment.
However, a 90-day safe harbor allows corrections for errors made in good faith.
Why Choose ZenBusiness
ZenBusiness offers seamless BOI filing assistance, ensuring accuracy while saving you time. Start your filing today.
Additional Resources
Don’t risk fines—file your BOI report on time to stay compliant!
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.
