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Urbandale, IA Businesses: FinCEN's BOI Filing Deadline is 01/01/2025. File Now to Avoid Potential Fines!

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November 28, 2024


The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to promote financial transparency and deter financial crimes.

As of today, November 27, 2024, Urbandale, Iowa, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—act quickly to avoid $500 per day fines!

 

 

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and small businesses qualify as "reporting companies." Exemptions apply to 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 your business. For example, the owner of an Urbandale-based IT consulting firm 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.

ZenBusiness can help facilitate your filing process and ensure your business remains compliant.

 

 

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most LLCs, corporations, and small businesses in Urbandale. Exemptions apply to publicly traded and regulated entities. For example, a family-owned bakery in Urbandale would likely need to file, while a national chain would not.

What Is a Beneficial Owner?

A beneficial owner is someone who:

  1. Holds substantial control over the company, OR

  2. Owns 25% or more of it.

For example, a co-owner of an Urbandale-based landscaping company with a 40% stake qualifies as a beneficial owner.

What Information Is Needed?

You’ll need:

  • Business name, address, EIN.

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

How and When to File:

BOI reports must be submitted electronically with 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.

Let ZenBusiness help you file your BOI report with ease and confidence.

Penalties for Non-Compliance:

Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN offers a 90-day safe harbor for corrections without penalties.

 

 

Additional Resources:

Contact:
Sallie Clark
outreach@zenbusiness.com, (512) 765-4985