Skip to content

FinCEN’s BOI Deadline: Caldwell, TX Businesses Must File by 01/01/2025 to Avoid $500 Daily Fines

EconomicPress ReleaseCommunityGeneral News Article


The Corporate Transparency Act (CTA) mandates that most U.S. businesses disclose Beneficial Ownership Information (BOI) to FinCEN, aiming to enhance transparency and prevent financial crimes like money laundering.

As of today, November 27, 2024, Caldwell, Texas business owners have 35 calendar days (or 25 business days) left to file their BOI reports with FinCEN—act now to avoid fines of $500 per day!

 

 

Action Steps for Caldwell Business Owners:

1. Verify if your business must file.

Most LLCs, corporations, and similar entities must file unless exempt (e.g., banks, nonprofits, or publicly traded companies).

2. Identify your beneficial owners.

Beneficial owners are individuals who hold at least 25% ownership or exercise significant control. ZenBusiness can make this process simple and easy for you.

3. Gather the required details.

Prepare information such as names, addresses, dates of birth, and government-issued ID details for each beneficial owner.

4. Submit your BOI report electronically.

  • Existing companies (pre-2024): File by 01/01/2025.

  • New companies (formed in 2024): File within 90 days of formation.

  • New companies (formed in 2025+): File within 30 days of formation.

Learn how ZenBusiness can assist with your BOI filing.

 

 

Essential Information About BOI Reporting:

Who Needs to File?

A "reporting company" includes most LLCs, corporations, and small businesses. Exemptions apply to banks, nonprofits, and publicly traded companies. For example, a family-run restaurant in Caldwell operating as an LLC must file, while a local charity would not.

Who is a Beneficial Owner?

A beneficial owner is defined as someone who:

  1. Owns at least 25% of the business, OR

  2. Has substantial control over the business.

For instance, in a Caldwell bakery with four equal partners, each owning 25%, all four are considered beneficial owners.

What Information is Required?

BOI reports must include:

  • Business information: Name, address, and EIN.

  • Beneficial owner details: Name, date of birth, residential address, and a government-issued ID (e.g., driver’s license or passport).

This ensures compliance with federal transparency rules.

How and When to File?

BOI reports must be filed electronically through FinCEN’s secure portal. Deadlines depend on your company’s formation date:

  • Existing businesses (pre-2024): File by 01/01/2025.

  • New businesses (2024): File within 90 days of registration.

  • New businesses (2025+): File within 30 days of registration.

 

 

Penalties for Non-Compliance:

Failing to file or providing false information can result in:

  • Daily fines of $500, capped at $10,000.

  • Potential imprisonment for deliberate violations.

Fortunately, FinCEN allows a 90-day safe harbor to correct errors without penalties.

 

 

ZenBusiness Makes BOI Filing Easy:

ZenBusiness specializes in BOI compliance, offering:

  • Streamlined processes to identify beneficial owners accurately.

  • Hassle-free filing to save time and ensure compliance.

Get started with ZenBusiness today.

 

 

Additional Resources:

Prepare today to meet the January 1, 2025 deadline and avoid costly fines!

FinCEN’s BOI Deadline: Caldwell, TX B...

Scroll To Top