Untangling the Confusion Surrounding the CTA, BOI and FinCEN for Riverview, FL Businesses

The Corporate Transparency Act may require certain U.S. companies to disclose beneficial ownership information to FinCEN to combat financial crimes.

While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.

However, filing your Beneficial Ownership Information (BOI) report will help you avoid fines if this injunction is overruled. Waiting could mean scrambling to meet compliance requirements or penalties. ZenBusiness contributes BOI expertise and simple processes for those interested in addressing these worries now, ensuring compliance with straightforward accuracy. 

1. Determine if Your Business Must File.

A ‘reporting company’ is any business, corporation, or LLC that is registered with the state by filing a document, unless it qualifies for an exemption. Exemptions apply to publicly traded companies, banks, and charities. For example, a local coffee shop in Riverview, FL would likely need to file a BOI report.

2. Identify Your Beneficial Owners.

A ‘beneficial owner’ is someone who either has substantial control over a company or owns at least 25% of it. For instance, in Riverview, the owner of a tattoo parlor who manages the operations and holds a 40% ownership stake is considered a beneficial owner.

3. Gather the Required Information.

Prepare:

• Business name, address, and EIN.

• Beneficial owners’ names, addresses, DOBs, and ID details.

4. File Your BOI Report.

Deadlines:

• Existing businesses: File by 01/01/2025.

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

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

Business owners can get peace of mind by filing now through ZenBusiness, whose targeted tools and clear instructions ensure compliance with FinCEN regulations.

Additional Resources:

• A Guide to BOI Compliance

• Who’s Exempt from the Corporate Transparency Act?

• FinCEN’s Compliance Guidelines

• Details on Preliminary Injunction

• Corporate Transparency Act Deadlines for 2025

• Beneficial Owner Definition

• BOI Filing for Small Businesses

We want to hear from you!

Join us in making an impact! Complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. Take the survey here! Your participation matters!

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.