The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN, fostering transparency and preventing financial misconduct.

As of today, November 27, 2024, Maquoketa, Iowa, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face fines of $500 per day!

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and similar small businesses are "reporting companies." Exemptions include publicly traded and some regulated entities.

2. Identify Your Beneficial Owners.

Beneficial owners are individuals with substantial control or 25% or more ownership of the company. For example, a Maquoketa bed-and-breakfast owner with a 50% stake would qualify.

3. Gather the Required Information.

Collect:

• 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 is here to make your BOI filing simple and stress-free.

Key BOI Filing Details:

Who Needs to File?

"Reporting companies" include most small LLCs, corporations, and similar businesses. Exemptions apply to publicly traded and regulated entities. For example, a Maquoketa family-owned hardware store would likely need to file, while a large utility company would not.

What Is a Beneficial Owner?

A beneficial owner is defined as anyone who:

1. Has substantial control over the business, OR

2. Owns 25% or more of it.

For instance, a co-owner of a Maquoketa farm supply shop with a 35% ownership share 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:

Reports must be submitted electronically via 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.

Learn how ZenBusiness can assist you with the filing process today.

Penalties for Non-Compliance:

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

Additional Resources:

• FinCEN BOI FAQ

• ZenBusiness BOI Filing Services

• State Requirements for BOI Filing

• Corporate Transparency Act: Reporting Requirements for Small LLCs and Corporations