FinCEN’s BOI Reporting Deadline: Adel, Iowa Businesses Must Act by 01/01/2025 to Avoid Penalties!
The Corporate Transparency Act (CTA) mandates that many U.S. businesses provide Beneficial Ownership Information (BOI) to FinCEN as part of efforts to prevent financial crimes.
As of today, 11-26-2024, Adel, Iowa business owners have 36 calendar days (or 27 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don't wait, or you could face fines of $500 per day!
Action Steps for Compliance
1. Determine if Your Business Must File a BOI Report
Deadline: ASAP
Most corporations, LLCs, and similar entities are required to file. Exemptions include banks, public companies, and charities.
2. Identify Your Beneficial Owners
Deadline: [12-10-2024]
A beneficial owner is anyone with substantial control or who owns at least 25% of the company.
3. Gather the Required Information
Deadline: [12-17-2024]
You’ll need:
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Business name and address
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Beneficial owners' names, addresses, dates of birth, and ID document details.
4. File Your BOI Report
Deadlines:
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Companies formed before January 1, 2024: File by 01/01/2025.
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Companies formed in 2024: File within 90 days of formation.
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Companies formed after January 1, 2025: File within 30 days of formation.
Click here to learn how ZenBusiness can help you file your BOI report.
More About BOI Filing
Who Needs to File?
A “reporting company” includes most small businesses, such as LLCs and corporations in Adel, Iowa. For example, a local bakery with LLC status must file unless it qualifies for an exemption.
What is a Beneficial Owner?
A beneficial owner is anyone who:
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Exercises substantial control, such as managing finances or making key decisions.
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Owns at least 25% of the company’s shares.
For instance, in a family-run Adel restaurant, if one sibling owns 30% and another oversees operations, both are beneficial owners.
What Information is Needed?
You’ll need to report both business and owner information, including:
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Business name, address, and formation date.
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Owners' names, addresses, dates of birth, and a valid ID document (e.g., passport).
How and When to File
All BOI reports must be submitted online via FinCEN’s system. Filing deadlines depend on the formation date:
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Businesses formed before January 1, 2024 must file by 01/01/2025.
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New businesses formed in 2024 have 90 days to file.
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Starting January 1, 2025, companies must file within 30 days of formation.
Penalties for Non-Compliance
Failure to file or providing false information can result in fines up to $500 per day and possible imprisonment. Mistakes can be corrected within a 90-day safe harbor period.
Get Help with ZenBusiness
ZenBusiness simplifies BOI filing with their streamlined process, ensuring accuracy and saving you time. Learn more here.
Additional Resources
Don’t delay—secure your compliance before the deadline!
