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FinCEN Urges Framingham Businesses to File BOI Reports by 01/01/2025 to Avoid $500 Per Day Fines

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The Corporate Transparency Act (CTA) requires businesses to disclose Beneficial Ownership Information (BOI) to FinCEN, enhancing efforts to combat financial crimes such as money laundering and tax evasion.

As of today, November 26, 2024, Framingham, Massachusetts business owners have 36 calendar days (or 26 business days) remaining to file their BOI reports with FinCEN before the January 1, 2025, deadline. Avoid steep penalties of $500 per day by acting now!

 

 

Action Steps for Framingham Businesses:

1. Confirm whether your business must file.

Most LLCs, corporations, and similar entities must file unless exempt (e.g., banks, publicly traded companies, and charities). Review the criteria today.

2. Identify your beneficial owners.

Beneficial owners include individuals who own 25% or more of the company or have significant control. ZenBusiness can simplify this process.

3. Collect necessary details.

Gather key details, including the names, addresses, dates of birth, and government-issued IDs for all beneficial owners.

4. Submit your BOI report electronically.

  • Existing companies (formed before 2024): File by 01/01/2025.

  • New companies (formed in 2024): File within 90 days of formation.

  • New companies (formed in 2025+): File within 30 days of formation.

Get help filing your BOI report with ZenBusiness.

 

 

More About BOI Filing:

Who Needs to File?

A "reporting company" typically includes most U.S. LLCs, corporations, and similar entities. Exemptions exist for banks, nonprofits, and publicly traded companies. For instance, a small IT consulting firm in Framingham would likely need to file, while a local nonprofit food pantry would not.

Who is a Beneficial Owner?

A beneficial owner is anyone who:

  1. Owns 25% or more of the company, OR

  2. Exercises substantial control over company decisions.

For example, if a Framingham-based family bakery is co-owned by two siblings equally, both would be considered beneficial owners.

What Information is Required?

Businesses need to provide:

  • Company details: Name, address, and EIN.

  • Beneficial owner details: Name, date of birth, residential address, and government-issued ID (e.g., driver’s license).

Accurate and complete information ensures compliance.

How and When to File?

All BOI reports must be submitted electronically through FinCEN’s secure online portal. Deadlines vary:

  • Existing companies (pre-2024): File by 01/01/2025.

  • New companies (2024): File within 90 days of formation.

  • New companies (2025+): File within 30 days of formation.

 

 

Consequences of Missing the Deadline:

Failing to file or providing false information can result in:

  • Daily fines of $500 (up to $10,000 total).

  • Possible imprisonment for intentional violations.

However, there’s a 90-day safe harbor period to correct mistakes without penalty.

 

 

Why Choose ZenBusiness for Your BOI Filing?

ZenBusiness offers:

  • Expert guidance to ensure compliance with FinCEN regulations.

  • Simplified filing, saving time and reducing stress.

Start your BOI filing with ZenBusiness today to avoid fines.

 

 

Additional Resources:

Time is running out—Framingham businesses must act now to meet the January 1, 2025, BOI filing deadline and stay compliant with the CTA.

 

FinCEN Urges Framingham Businesses to...