FinCEN’s BOI Reporting in Athens, GA: File by 01/01/2025 or Face Penalties

The Corporate Transparency Act (CTA) mandates that certain businesses disclose Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and combat financial crimes like tax evasion and money laundering.

As of today, 11-26-2024, Athens, GA business owners have 36 calendar days (or 27 business days) left to submit their BOI reports to FinCEN—don’t delay, or risk fines of $500 per day!

Essential Steps for Athens Businesses

1. Confirm Your Filing Requirement

Deadline: ASAP
Reporting companies include most corporations and LLCs, except for exempt businesses like nonprofits or publicly traded entities.

2. Identify Beneficial Owners

Deadline: 12-10-2024
Beneficial owners are individuals who either:

• Own 25% or more of the business, or

• Exercise substantial control over it.

3. Gather Required Information

Deadline: 12-17-2024
You’ll need:

• Business details: Name, address, and formation information

• Owner details: Full names, addresses, dates of birth, and identification documents

4. File Your BOI Report

Deadlines:

• Existing companies: 01/01/2025

• New companies (2024): 90 days post-formation

• New companies (2025+): 30 days post-formation

ZenBusiness can simplify your BOI filing, ensuring timely and accurate submissions.

Details on BOI Reporting

Who Needs to File?

Reporting companies include LLCs, corporations, and other similar entities. For example, a local craft brewery in Athens organized as an LLC must file, while nonprofits and publicly traded companies are exempt.

What Is a Beneficial Owner?

Beneficial owners are individuals with substantial control or at least 25% ownership. For example, the co-owner of a boutique shop in Athens with 30% ownership qualifies, as would the shop’s operational manager who oversees major decisions.

What Information Is Needed?

BOI filings require both business and owner information:

• Business: Legal name, address, and EIN

• Owners: Names, addresses, birth dates, and ID details
  This ensures the federal government can monitor and prevent illegal activities.

How to File

BOI reports must be submitted electronically through FinCEN’s online system. Deadlines vary:

• Existing businesses formed before 01/01/2024 must file by 01/01/2025.

• Companies formed in 2024 must file within 90 days of creation.

• Businesses formed in 2025 or later must file within 30 days of formation.

Penalties for Non-Compliance

Failure to comply can result in fines of up to $500 per day and possible imprisonment. A 90-day safe harbor period allows corrections without penalties for errors made in good faith.

Simplify BOI Filing with ZenBusiness

ZenBusiness provides expert assistance to Athens businesses, ensuring BOI reports are accurate and submitted on time. Their services save you time and hassle, offering peace of mind. Start your filing now.

Additional Resources

• FinCEN BOI FAQ

• BOI Filing Instructions, Step by Step

• State-Specific BOI Filing Requirements

• Who’s Exempt from the CTA?

Act now to avoid costly penalties and keep your business compliant!