FinCEN's BOI Reporting Deadline: Conroe, TX Businesses Should File by 01/01/2025
The Corporate Transparency Act (CTA) requires businesses in Conroe, TX, to submit Beneficial Ownership Information (BOI) to FinCEN, ensuring transparency and deterring financial crimes.
As of today, 11-26-2024, Conroe business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—delaying could result in daily fines of $500!
Action Items for Conroe Businesses
1. Confirm Filing Requirement
Deadline: ASAP
Check if your business is a "reporting company," such as an LLC or corporation. Exempt entities include banks, charities, and publicly traded companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:
-
Own 25% or more of the company, or
-
Control decision-making or operations.
3. Collect Required Information
Deadline: 12-17-2024
Prepare the following:
-
Company details (name, EIN, address)
-
Owner details (name, address, birthdate, ID information)
4. File BOI Reports
Deadlines:
-
Existing companies (formed before 01/01/2024): File by 01/01/2025.
-
Companies formed in 2024: File within 90 days of formation.
-
Companies formed after 01/01/2025: File within 30 days of formation.
ZenBusiness can help simplify your filing. Click here to get started.
What Conroe Businesses Should Know
Who Needs to File?
A "reporting company" is typically a corporation, LLC, or similar entity operating in the U.S. Certain exemptions apply, like for charities or publicly traded companies. For instance, a local real estate firm structured as an LLC in Conroe would need to comply.
Who Qualifies as a Beneficial Owner?
Beneficial owners are individuals who:
-
Own at least 25% of the company, or
-
Hold significant decision-making power.
For example, a Conroe café owner who holds 30% ownership and oversees daily operations would qualify as a beneficial owner.
Information Required for BOI Reporting
To complete a BOI report, businesses must provide:
-
Company name, EIN, address
-
Beneficial owner names, addresses, birthdates, and ID documents
How to File and Deadlines
BOI reports must be submitted electronically via FinCEN’s online portal. Deadlines depend on the formation date:
-
Before 01/01/2024: File by 01/01/2025.
-
In 2024: File within 90 days of formation.
-
After 01/01/2025: File within 30 days.
Penalties for Non-Compliance
Missing the deadline could result in fines of up to $500 per day and potential criminal charges. A 90-day safe harbor allows corrections for honest mistakes.
How ZenBusiness Can Assist
ZenBusiness offers expert services to streamline BOI reporting, saving time and ensuring compliance. Start your filing process today with ZenBusiness.
Helpful BOI Filing Resources
Take proactive steps today to ensure your compliance and avoid penalties.
Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!
*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.
The Corporate Transparency Act (CTA) requires businesses in Conroe, TX, to submit Beneficial Ownership Information (BOI) to FinCEN, ensuring transparency and deterring financial crimes.
As of today, 11-26-2024, Conroe business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—delaying could result in daily fines of $500!
Action Items for Conroe Businesses
1. Confirm Filing Requirement
Deadline: ASAP
Check if your business is a "reporting company," such as an LLC or corporation. Exempt entities include banks, charities, and publicly traded companies.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:
-
Own 25% or more of the company, or
-
Control decision-making or operations.
3. Collect Required Information
Deadline: 12-17-2024
Prepare the following:
-
Company details (name, EIN, address)
-
Owner details (name, address, birthdate, ID information)
4. File BOI Reports
Deadlines:
-
Existing companies (formed before 01/01/2024): File by 01/01/2025.
-
Companies formed in 2024: File within 90 days of formation.
-
Companies formed after 01/01/2025: File within 30 days of formation.
ZenBusiness can help simplify your filing. Click here to get started.
What Conroe Businesses Should Know
Who Needs to File?
A "reporting company" is typically a corporation, LLC, or similar entity operating in the U.S. Certain exemptions apply, like for charities or publicly traded companies. For instance, a local real estate firm structured as an LLC in Conroe would need to comply.
Who Qualifies as a Beneficial Owner?
Beneficial owners are individuals who:
-
Own at least 25% of the company, or
-
Hold significant decision-making power.
For example, a Conroe café owner who holds 30% ownership and oversees daily operations would qualify as a beneficial owner.
Information Required for BOI Reporting
To complete a BOI report, businesses must provide:
-
Company name, EIN, address
-
Beneficial owner names, addresses, birthdates, and ID documents
How to File and Deadlines
BOI reports must be submitted electronically via FinCEN’s online portal. Deadlines depend on the formation date:
-
Before 01/01/2024: File by 01/01/2025.
-
In 2024: File within 90 days of formation.
-
After 01/01/2025: File within 30 days.
Penalties for Non-Compliance
Missing the deadline could result in fines of up to $500 per day and potential criminal charges. A 90-day safe harbor allows corrections for honest mistakes.
How ZenBusiness Can Assist
ZenBusiness offers expert services to streamline BOI reporting, saving time and ensuring compliance. Start your filing process today with ZenBusiness.
Helpful BOI Filing Resources
Take proactive steps today to ensure your compliance and avoid penalties.
Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!
*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.