FinCEN's BOI Filing Deadline: 01/01/2025 - Chicago-Naperville-Joliet, IL Businesses Should File to Avoid Possible Penalties!
The Corporate Transparency Act (CTA) requires most businesses to submit Beneficial Ownership Information (BOI) to FinCEN to enhance financial transparency and deter illegal activities.
As of today, November 27, 2024, business owners in the Chicago-Naperville-Joliet, Illinois area have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—act now to avoid $500 per day fines!
What You Need to Do:
1. Determine if Your Business Must File.
Most LLCs, corporations, and similar entities qualify as "reporting companies." Exemptions include publicly traded and certain regulated entities. Check if your business qualifies to file.
2. Identify Your Beneficial Owners.
Beneficial owners are individuals with substantial control or 25% or more ownership of your company. For example, the managing partner of a small Chicago-based marketing agency owning 30% would qualify.
3. Gather the Necessary Information.
Prepare:
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Business name, address, EIN.
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Beneficial owners’ names, addresses, DOBs, and ID documents.
4. File Your BOI Report.
Deadlines:
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Existing companies: File by 01/01/2025.
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New companies (2024): File within 90 days of creation.
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New companies (2025+): File within 30 days of creation.
Let ZenBusiness help simplify your filing process.
Key BOI Filing Details:
Who Needs to File?
A "reporting company" includes most LLCs, corporations, and similar small businesses. Exemptions apply to large, publicly traded, and regulated businesses. For example, a local Joliet accounting firm is likely required to file, but a national bank is not.
What Is a Beneficial Owner?
A beneficial owner is anyone who:
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Exercises substantial control over the company, OR
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Owns 25% or more of it.
For example, an investor with a 35% stake in a Naperville coffee shop qualifies as a beneficial owner.
What Information Is Needed?
Businesses must provide details about themselves and their beneficial owners, including:
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Business name, address, EIN.
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For owners: Name, address, DOB, ID type/number, and issuing jurisdiction.
How and When to File:
Reports must be submitted electronically to FinCEN by the following deadlines:
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Existing businesses: 01/01/2025.
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2024 startups: File within 90 days of creation.
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2025+ startups: File within 30 days of creation.
Click here for step-by-step assistance from ZenBusiness.
Penalties for Non-Compliance:
Failure to file can result in fines of $500 per day, up to $10,000, and even criminal penalties. A 90-day safe harbor allows time to correct errors without penalties.
Additional Resources:
Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!
*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.
