FinCEN's BOI Reporting Deadline: Chicago-Naperville-Joliet Businesses Must Act by 01/01/2025
The Corporate Transparency Act (CTA) mandates businesses in the Chicago-Naperville-Joliet area to report Beneficial Ownership Information (BOI) to FinCEN to combat financial crimes such as money laundering and tax evasion.
As of today, 11-26-2024, Chicago-Naperville-Joliet business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—avoid the risk of $500 daily fines by acting now!
Steps for Businesses in Chicago-Naperville-Joliet
1. Determine if You Need to File
Deadline: ASAP
Reporting companies include most LLCs, corporations, and similar entities. Exemptions apply to nonprofits, banks, and publicly traded companies.
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners include anyone who:
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Owns 25% or more of the business, or
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Exercises substantial control over it.
3. Gather the Required Information
Deadline: 12-17-2024
Prepare the following:
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Business Information: Legal name, EIN, address.
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Beneficial Owner Information: Name, address, date of birth, and a valid ID.
4. File Your BOI Report
Deadlines:
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Existing Companies: File by 01/01/2025.
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New Companies (formed in 2024): File within 90 days of formation.
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New Companies (2025 and later): File within 30 days of formation.
ZenBusiness can simplify this process for you. Click here to learn more and start filing.
Understanding BOI Reporting
Who Needs to File?
Most Chicago-Naperville-Joliet businesses, such as a local event planning LLC, must file BOI reports unless they are exempt (e.g., charities or publicly traded companies).
What is a Beneficial Owner?
A beneficial owner is anyone with substantial control or at least 25% ownership of the company. For instance, two partners each owning 50% of a Naperville tech startup would both qualify as beneficial owners.
What Information is Needed?
Reports must include:
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Company Details: Name, EIN, address.
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Beneficial Owners' Details: Name, address, date of birth, and ID information.
How and When to File
BOI reports are submitted electronically through FinCEN’s online platform. Deadlines depend on when the company was formed:
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Pre-2024 businesses: 01/01/2025 deadline.
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2024 businesses: File within 90 days of formation.
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2025 or later: File within 30 days of formation.
Penalties for Non-Compliance
Failure to file can lead to fines up to $500 per day and possible imprisonment. FinCEN allows a 90-day correction period for errors.
How ZenBusiness Can Help
ZenBusiness offers expertise to ensure your BOI report is filed accurately and on time. Their services save you time and provide peace of mind. Learn more here.
Additional Resources
File your BOI report today to ensure compliance and avoid penalties!