FinCEN's BOI Reporting Deadline: Dallas, PA Businesses Should File by 01/01/2025
The Corporate Transparency Act (CTA) mandates that businesses in Dallas, Pennsylvania, file Beneficial Ownership Information (BOI) with FinCEN by January 1, 2025, to prevent financial crimes like money laundering and tax evasion.
As of today, November 26, 2024, Dallas business owners have 36 calendar days (or 26 business days) to submit their BOI reports to FinCEN—failure to comply could result in fines of $500 per day.
Action Plan for Dallas Businesses
1. Determine If Your Business Must File
Deadline: ASAP
Most corporations, LLCs, and similar entities are required to file unless exempt (e.g., nonprofits or publicly traded companies).
2. Identify Your Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is anyone who:
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Has substantial control over the company, OR
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Owns at least 25% of the company.
ZenBusiness can assist in identifying your beneficial owners.
3. Gather the Required Information
Deadline: December 17, 2024
Prepare:
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Company Details: Name, EIN, principal address.
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Owner Details: Full names, residential addresses, dates of birth, and government-issued IDs.
4. File Your BOI Report
Deadlines vary:
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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 creation.
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New companies (formed after January 1, 2025): File within 30 days of creation.
Let ZenBusiness help you complete your BOI filing effortlessly.
What Dallas Businesses Need to Know
Who Must File?
Most small businesses must submit BOI reports, except for certain exempt entities like banks or nonprofits.
Example: A family-owned restaurant in Dallas, PA, must file, while a local charity does not.
Who Is a Beneficial Owner?
A beneficial owner is someone who:
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Exercises significant control over the company, OR
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Owns 25% or more of the company.
Example: In a Dallas-based home repair company, the managing partner (40% ownership) and a silent partner (30% ownership) qualify as beneficial owners.
What Information Is Required?
Your BOI report must include:
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Company Details: Name, EIN, address.
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Beneficial Owners: Names, birth dates, home addresses, and ID details.
Penalties for Non-Compliance
Failing to file or providing incorrect information can result in:
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Fines of $500 per day, up to $10,000.
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Criminal charges, including imprisonment.
You have a 90-day safe harbor period to correct any errors.
Simplify Compliance with ZenBusiness
ZenBusiness offers expert assistance to ensure your BOI report is accurate and submitted on time, saving you time and avoiding costly penalties. Get started today.
Additional BOI Resources
Act now to file your BOI report before January 1, 2025, and avoid costly penalties!
We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable feedback.
*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.
