FinCEN Reminds Henderson, Indiana Businesses to File BOI Reports by 01/01/2025 to Avoid $500 Daily Penalties

The Corporate Transparency Act (CTA) requires businesses across Henderson, Indiana, to submit Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to enhance financial transparency and prevent fraud.

As of today, November 27, 2024, Henderson businesses have 35 calendar days (or 25 business days) to file their BOI reports with FinCEN—delays could result in fines of $500 per day or more.

Immediate Actions for Henderson Business Owners

1. Check If Your Business Needs to File

Deadline: ASAP
Determine if your business qualifies as a "reporting company." Most LLCs, corporations, and partnerships must file unless they fall under exemptions like banks or publicly traded companies.

2. Identify Your Beneficial Owners

Deadline: December 10, 2024
Beneficial owners are individuals who either:

• Exercise significant control over the company, OR

• Own 25% or more of the company’s equity.

ZenBusiness can help simplify identifying beneficial owners.

3. Prepare the Required Documentation

Deadline: December 17, 2024
Collect this information:

• Business details: Name, address, and EIN.

• Owner details: Full names, residential addresses, birth dates, and government-issued ID information.

4. Submit Your BOI Report

Deadline: January 1, 2025

• Businesses formed before January 1, 2024, must file by 01/01/2025.

• Businesses formed in 2024 must file within 90 days of registration.

• Businesses formed on or after January 1, 2025, must file within 30 days.

Use ZenBusiness for a seamless filing process. Click here for assistance.

Details on BOI Filing

Who Needs to File?

Most corporations, LLCs, and similar entities qualify as "reporting companies," except those specifically exempt, such as nonprofit organizations or banks.
Example: A family-run café registered as an LLC in Henderson would likely need to file a BOI report.

Who is a Beneficial Owner?

A beneficial owner is any individual who either:

1. Controls company operations, OR

2. Owns 25% or more of the business.
   Example: Two co-owners each holding a 50% stake in a Henderson tech startup are both beneficial owners.

What Information Do You Need?

Prepare:

• Business details: Legal name, address, and EIN.

• Beneficial owner information: Full name, address, date of birth, and government ID.

Reports must be filed electronically through FinCEN's secure system.

Penalties for Non-Compliance

Failure to comply may lead to:

• Fines of $500 per day, up to $10,000.

• Imprisonment for false submissions.

Errors can be corrected within FinCEN’s 90-day safe harbor period without penalties.

ZenBusiness Can Help

ZenBusiness offers personalized services to ensure timely and accurate BOI filings, giving you peace of mind and saving you time. Learn more about ZenBusiness here.

Additional Resources

• FinCEN BOI FAQ

• ZenBusiness BOI Filing Services

• Who’s Exempt from the CTA (Corporate Transparency Act)?

• Corporate Transparency Act Deadlines

• Understanding BOI Compliance

• Tips for BOI Filing for Small Businesses

• Here's How to Fill Out the Beneficial Ownership Information Form

• Requirements for Beneficial Ownership Reporting by State

Don’t wait—meet the January 1, 2025, deadline to avoid penalties!