Stay Ahead: FinCEN BOI Filing for Flagstaff, AZ Due by 01/01/2025

The Corporate Transparency Act may require U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.

As of today, 12/05/2024, Flagstaff, AZ business owners have 26 calendar days (or 19 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN.

1. Determine if Your Business Must File.

A ‘reporting company’ is any small business, corporation, or LLC that is registered with the state, unless exempt. Exemptions apply to publicly traded companies, banks, and charities. For example, a local coffee shop in Flagstaff, AZ would likely need to file a BOI report.

2. Identify Your Beneficial Owners.

A ‘beneficial owner’ is someone who either has substantial control over a company or owns at least 25% of it. For instance, in Flagstaff, a partner in a local HVAC services company who owns 40% of the business and oversees major operational decisions is considered 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 assist you with the BOI reporting process, ensuring your company complies with FinCEN requirements efficiently.

Penalties for Non-Compliance:

While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file may lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties. FinCEN provides a 90-day safe harbor period for corrections without penalties.

ZenBusiness makes it easy to file so you can avoid hustling to meet the deadline or facing fines and penalties.  

Additional Resources:

• FinCEN FAQ

• FinCEN’s Compliance Guidelines

• Details on Preliminary Injunction

• BOI Filing Services for LLCs

• FinCEN BOI FAQ

• A Guide to BOI Compliance

• Beneficial Ownership Report Guide

We want to hear from you!

We need your feedback! Please fill out our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation! Take the survey here! Your participation is invaluable!

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.