FinCEN Mandates BOI Reporting for Brewster, MA Businesses: Deadline 01/01/2025
The Corporate Transparency Act (CTA) requires businesses in Brewster, MA, to disclose Beneficial Ownership Information (BOI) to FinCEN to increase transparency and combat financial crimes such as tax evasion and money laundering.
As of today, 11-26-2024, Brewster business owners have 36 calendar days (or 27 business days) to file their BOI reports with FinCEN—missing the deadline could result in fines of $500 per day.
Action Items for Brewster Businesses
1. Confirm Whether Your Business Must File
Deadline: ASAP
Businesses such as LLCs, corporations, and similar entities are typically required to file, unless exempt (e.g., charities or banks).
2. Identify Beneficial Owners
Deadline: 12-10-2024
A beneficial owner is anyone who:
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Owns 25% or more of the business, or
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Exercises substantial control over company decisions.
3. Prepare the Necessary Details
Deadline: 12-17-2024
You’ll need:
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Business info: Name, EIN, and address.
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Owner info: Full name, birthdate, address, and ID details.
4. File Your BOI Report
Deadlines:
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Existing businesses: File by 01/01/2025.
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New businesses (2024): File within 90 days of formation.
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New businesses (2025): File within 30 days of formation.
ZenBusiness offers user-friendly tools to streamline your BOI filing. Start here.
Understanding the Filing Requirements
Who Must File?
"Reporting companies" include most corporations and LLCs, except for exemptions like banks or nonprofits. For instance, a family-owned gift shop in Brewster likely needs to file, while a local credit union does not.
What is a Beneficial Owner?
A beneficial owner is defined as someone who:
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Owns at least 25% of the company, or
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Exercises control over company operations.
Example: In a Brewster bakery co-owned by two partners with equal shares, both are considered beneficial owners and must be reported.
What Information is Required?
Reports must include:
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Business details: Legal name, EIN, and physical address.
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Owner details: Full name, date of birth, residential address, and ID details.
How to File and Deadlines
BOI reports must be submitted online via FinCEN’s platform. Filing deadlines depend on the company’s formation date:
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Existing companies: File by January 1, 2025.
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New companies (2024): File within 90 days of formation.
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New companies (2025): File within 30 days of formation.
Penalties for Non-Compliance
Failure to comply may result in:
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Fines of up to $500 daily, accumulating up to $10,000.
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Criminal penalties, including imprisonment, for false filings.
A 90-day correction period is available to amend errors without incurring penalties.
Why Choose ZenBusiness?
ZenBusiness simplifies BOI reporting with efficient, user-friendly services to ensure compliance while saving time and reducing stress. Learn more about ZenBusiness and their services here.
Additional Resources
Act now to ensure your Brewster business complies before the January 1, 2025, deadline!
We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable feedback.
*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.
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