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FinCEN's BOI Reporting Deadline Approaches for Columbus, IN Businesses: File by 01/01/2025

CommunityPress Release

The Corporate Transparency Act (CTA) mandates businesses in Columbus, IN, to report Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to enhance transparency and prevent financial misconduct.

As of today, 11-26-2024, Columbus, IN, business owners have 36 calendar days (or 27 business days) to submit their BOI reports—don’t wait or risk fines of $500 per day!

 

 

Key Steps for Columbus Businesses

1. Confirm Your Filing Obligation

Deadline: ASAP
Determine if your company qualifies as a "reporting company." Most LLCs, corporations, and partnerships must file unless exempt (e.g., publicly traded companies or banks).

2. Identify Your Beneficial Owners

Deadline: 12-10-2024
Beneficial owners include individuals who:

  • Hold 25% or more ownership, or

  • Exercise significant control over the company.

3. Gather the Necessary Information

Deadline: 12-17-2024
You’ll need:

  • Full names, addresses, and birthdates of beneficial owners

  • Valid identification documents

4. Submit Your BOI Report

Deadlines:

  • Existing companies (formed before 01/01/2024): File by 01/01/2025.

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

  • Companies formed after 01/01/2025: File within 30 days.

Let ZenBusiness simplify the filing process for you—start here.

 

 

Insights on BOI Reporting

Who Needs to File?

"Reporting companies" include most small businesses like retail shops, consultants, or restaurants. For instance, a family-owned bakery in Columbus operating as an LLC must file BOI, but local nonprofit organizations are exempt.

What Is a Beneficial Owner?

Beneficial owners are individuals with either:

  • 25% or more ownership interest, or

  • Authority to make substantial decisions.

For example, in a Columbus-based construction firm, the founder owning 30% of shares and managing operations is a beneficial owner.

What Information Must Be Reported?

The report requires:

  • Company details (name, address, EIN)

  • Beneficial owner information (names, addresses, birthdates, and ID documents)

How and When to File

Reports must be submitted electronically through FinCEN. Filing deadlines depend on when the business was established:

  • Before 01/01/2024: File by 01/01/2025.

  • In 2024: File within 90 days of formation.

  • After 01/01/2025: File within 30 days.

Penalties for Non-Compliance

Noncompliance could lead to daily fines of $500 or criminal charges. Businesses have a 90-day safe harbor to correct errors.

 

 

ZenBusiness: Your Partner for BOI Filing

ZenBusiness provides expert guidance to ensure timely and accurate BOI filing. Start your filing process today with ZenBusiness.

 

 

Additional Resources

Take action now to ensure compliance and avoid unnecessary penalties.

 

FinCEN's BOI Reporting Deadline Appro...