FinCEN's BOI Reporting Deadline: Arlington, MA Businesses Must File by 01/01/2025 to Avoid Fines
The Corporate Transparency Act (CTA) requires many businesses to disclose Beneficial Ownership Information (BOI) to FinCEN, supporting transparency and helping to combat financial crimes like tax evasion and money laundering.
As of today, 11-26-2024, Arlington, MA business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don’t delay, or you could face fines of $500 per day.
Action Items for Arlington Businesses
1. Confirm If Your Business Must File
Deadline: ASAP
Most LLCs, corporations, and similar entities are required to file unless exempt. Exemptions include banks, publicly traded companies, and nonprofits.
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are those who hold substantial control or own 25% or more of the business.
3. Collect Required Information
Deadline: 12-17-2024
Details required include:
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Business name, address, and formation information
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Beneficial owners' names, birth dates, addresses, and ID details
4. File Your BOI Report
Deadlines:
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Existing businesses (formed before 01/01/2024): File by 01/01/2025.
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New businesses (formed in 2024): File within 90 days of formation.
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Businesses formed after 01/01/2025: File within 30 days of formation.
ZenBusiness simplifies BOI filing with easy-to-use services.
Key Information About BOI Filing
Who Needs to File?
Most LLCs and corporations qualify as "reporting companies." For example, a family-owned graphic design studio in Arlington, MA organized as an LLC must file unless exempt. Exempt entities include nonprofits, banks, and public companies.
What is a Beneficial Owner?
Beneficial owners include individuals who:
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Hold substantial control (e.g., decision-making authority, financial oversight).
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Own 25% or more of the company.
For example, in a small Arlington bakery, the partner who owns 30% equity and the manager overseeing daily operations both qualify as beneficial owners.
What Information is Needed?
Businesses must provide:
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Company details: Name, address, formation date
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Owner details: Names, addresses, dates of birth, and identification documents
The information must be accurate and updated to comply with FinCEN’s requirements.
How and When to File
BOI reports must be filed electronically through FinCEN’s system. Filing deadlines depend on when the business was established:
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Companies formed before 01/01/2024 must file by 01/01/2025.
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Companies formed in 2024 must file within 90 days.
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Companies formed after 01/01/2025 must file within 30 days.
Penalties for Non-Compliance
Failure to file or providing false information can lead to fines of up to $500 per day and possible imprisonment. Businesses have a 90-day safe harbor to correct any errors without penalties.
How ZenBusiness Can Help
ZenBusiness offers expert guidance to simplify the BOI filing process, ensuring compliance with FinCEN requirements. Their services save time, reduce stress, and ensure accuracy. Learn more and start your filing here.
Additional Resources
File your BOI report today to avoid fines and ensure compliance!
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.
