FinCEN Says Buffalo, MN Businesses Must File BOI Reports by 01/01/2025 or Face $500 Per Day Fines!

The Corporate Transparency Act (CTA) mandates that businesses in Buffalo, MN, disclose detailed Beneficial Ownership Information (BOI) to FinCEN to combat financial crimes like money laundering and tax evasion.

As of today, 11-26-2024, Buffalo business owners have 36 calendar days (or 27 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t delay, or you could face fines of $500 per day!

Action Plan for Buffalo Businesses

1. Determine if You Need to File

Deadline: ASAP
Most LLCs, corporations, and similar entities must file. Exceptions include nonprofits, banks, and publicly traded companies.

2. Identify Your Beneficial Owners

Deadline: 12-10-2024
A beneficial owner is anyone who:

• Owns 25% or more of the company, or

• Has substantial control over operations.

3. Prepare the Necessary Details

Deadline: 12-17-2024
Collect this information for your business and beneficial owners:

• Business: Name, EIN, and physical address.

• Owners: Names, birthdates, residential addresses, and government ID information.

4. Submit Your BOI Report

Deadlines:

• Existing companies: File by January 1, 2025.

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

• New companies formed in 2025 or later: File within 30 days of creation.

ZenBusiness simplifies compliance—get help here!

Additional Details for BOI Filing

Who Must File?

A "reporting company" includes most small businesses. For example, a Buffalo-based boutique or a local landscaping LLC would likely need to file. However, nonprofits, banks, and publicly traded companies are exempt.

What Is a Beneficial Owner?

A beneficial owner is anyone who meets one of the following criteria:

1. Owns 25% or more of the business, or

2. Exercises substantial control over the company.

For example, in a Buffalo family-run bakery where three siblings each own 33%, all three are beneficial owners.

What Information Is Required?

To file a BOI report, you’ll need:

• Business Details: Name, EIN, and address.

• Owner Details: Names, birthdates, residential addresses, and government ID numbers.

Filing and Deadlines

Reports must be submitted electronically through FinCEN’s online portal. Deadlines are:

• Companies formed before January 1, 2024 must file by January 1, 2025.

• Companies formed in 2024 have 90 days from their registration date.

• Companies formed after January 1, 2025 must file within 30 days of registration.

Non-Compliance Penalties

Failing to file or submitting false information can result in severe consequences:

• Daily fines of $500, up to $10,000.

• Possible imprisonment for serious violations.

Businesses have a 90-day safe harbor to correct errors in their filings.

Why Choose ZenBusiness?

ZenBusiness makes compliance simple by guiding you through the BOI filing process step by step. They ensure accuracy, save you time, and help you avoid hefty penalties. Get started today!

Resources for Buffalo Business Owners

• FinCEN BOI FAQ

• Step-by-Step Filing Guide

• CTA Compliance Deadlines

Don’t wait—take action now to ensure your compliance and secure your business’s future.