FinCEN’s BOI Reporting Deadline: Chester, SC Businesses Must File by 01/01/2025 to Avoid Penalties
FinCEN’s BOI Reporting Deadline: Chester, SC Businesses Must File by 01/01/2025 to Avoid Penalties
The Corporate Transparency Act (CTA) mandates that certain Chester, SC businesses file Beneficial Ownership Information (BOI) reports with FinCEN to promote financial transparency and combat financial crimes.
As of today, 11-26-2024, Chester business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—act now to avoid fines of $500 per day!
Steps for Chester Businesses to Ensure Compliance
1. Confirm if Your Business Must File
Deadline: ASAP
Businesses like LLCs and corporations must file unless exempt (e.g., banks, charities, or publicly traded companies).
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:
Own 25% or more of the business, or
Exercise substantial control over it.
3. Gather Required Information
Deadline: 12-17-2024
Prepare the following:
Business Details: Name, EIN, and physical address.
Owner Details: Name, address, date of birth, and ID information.
4. File Your BOI Report
Deadlines:
Existing Companies: File by 01/01/2025.
New Companies (2024): File within 90 days of formation.
New Companies (2025 or later): File within 30 days of formation.
ZenBusiness offers an easy way to manage and file your BOI report. Start here.
More About BOI Filing
Who Needs to File?
A “reporting company” includes most small businesses, such as a family-owned hardware store in Chester. Businesses exempt from filing include nonprofits, government entities, and large corporations publicly traded on the stock exchange.
Who Is a Beneficial Owner?
Beneficial owners include individuals with significant control over the business or those holding a 25% ownership stake. For example, if two partners equally share ownership of a small bakery in Chester, both qualify as beneficial owners and must provide their information.
What Information Is Needed?
BOI reports must include:
Business Details: Legal name, EIN, and physical address.
Owner Information: Full name, residential address, date of birth, and an ID number from a valid identification document.
How and When to File
BOI reports are filed electronically through FinCEN’s system. Deadlines include:
Existing companies: File by 01/01/2025.
New companies in 2024: File within 90 days of formation.
New companies in 2025 or later: File within 30 days of formation.
Penalties for Non-Compliance
Failure to file or submitting false information can lead to fines up to $500 per day and potential imprisonment. FinCEN provides a 90-day correction window for errors.
How ZenBusiness Can Help
ZenBusiness specializes in BOI reporting, ensuring businesses meet deadlines and avoid penalties with ease and accuracy. File your BOI report today with ZenBusiness.
Additional Resources
Chester businesses, don’t wait—file your BOI report now to stay compliant and avoid costly 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.