FinCEN May Require Harrisonburg, VA Businesses to Submit BOI Reports by 01/01/2025 or Face Possible Fines
The Corporate Transparency Act (CTA) mandates that businesses in Harrisonburg, Virginia, report Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to combat financial crimes and enhance transparency in the corporate world.
As of today, November 27, 2024, Harrisonburg business owners have 35 calendar days (or 25 business days) to file their BOI reports with FinCEN—missing the deadline could result in fines of $500 per day.
Key Steps to Stay Compliant
1. Determine If Your Business Must File
Deadline: ASAP
A "reporting company" includes most small corporations and LLCs, excluding publicly traded companies, banks, and nonprofits.
2. Identify Your Beneficial Owners
Deadline: December 10, 2024
Beneficial owners are individuals who:
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Control the business significantly OR
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Own 25% or more of the company.
ZenBusiness can help you figure out your beneficial owners with ease.
3. Collect the Required Information
Deadline: December 17, 2024
Gather these details:
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Business information: Name, address, and EIN.
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Owner information: Names, addresses, birth dates, and ID numbers.
4. File Your BOI Report
Deadline: January 1, 2025
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Companies formed before January 1, 2024: File by 01/01/2025.
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Companies formed in 2024: File within 90 days of formation.
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Companies formed on or after January 1, 2025: File within 30 days of formation.
Get help from ZenBusiness to simplify your BOI filing process.
Understanding BOI Requirements in Harrisonburg
Who Must File?
"Reporting companies" include most LLCs, partnerships, and corporations. Exemptions exist for certain entities like publicly traded companies and banks.
Example: A Harrisonburg bakery structured as an LLC must file a BOI report.
Who is a Beneficial Owner?
Beneficial owners are individuals who:
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Exercise significant control over the business, OR
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Own 25% or more of the business.
Example: Two co-owners of a local Harrisonburg retail store, each holding 50% ownership, are both considered beneficial owners.
What Information Do You Need?
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Business details: Name, address, and EIN.
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Beneficial owner details: Names, addresses, birth dates, and government-issued IDs.
File electronically through FinCEN’s system to ensure compliance.
Consequences of Non-Compliance
Failing to file or providing false information may lead to:
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Daily fines of $500, up to $10,000.
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Criminal penalties, including imprisonment.
Mistakes can be corrected within a 90-day safe harbor period without penalties.
Why Choose ZenBusiness?
ZenBusiness provides tailored support to make BOI reporting stress-free. Their experts help ensure accuracy and timely submissions, saving you time and offering peace of mind. Learn more about ZenBusiness services.
Additional Resources
Act now to meet the January 1, 2025, deadline and avoid penalties!
Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!
*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.
