FinCEN Requires Grants Pass, OR Businesses to File BOI Reports by 01/01/2025 or Risk $500 Daily Fines
The Corporate Transparency Act (CTA) mandates that businesses in Grants Pass, Oregon, report their Beneficial Ownership Information (BOI) to FinCEN, aiming to promote transparency and fight financial crimes like money laundering and tax evasion.
As of today, November 26, 2024, Grants Pass business owners have 36 calendar days (or 26 business days) left to file their BOI reports before the January 1, 2025, deadline—act now to avoid daily fines of $500!
Steps for Grants Pass Businesses to Stay Compliant
1. Confirm Whether You Need to File
Deadline: ASAP
Corporations, LLCs, and other similar entities are generally required to file unless exempt (e.g., charities, banks, or publicly traded companies).
2. Identify Your Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is anyone who:
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Exercises substantial control over the business OR
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Owns 25% or more of the company.
ZenBusiness will help simplify identifying your beneficial owners.
3. Collect the Necessary Information
Deadline: December 17, 2024
You’ll need the following:
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Company information: Name, address, and EIN.
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Owner details: Full name, address, birthdate, and ID document.
4. File Your BOI Report
Deadline: Existing businesses by 01/01/2025
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New businesses (2024): File within 90 days of formation.
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New businesses (2025): File within 30 days of formation.
ZenBusiness can guide you through the BOI filing process and ensure accurate filing.
More About BOI Filing
Who Needs to File?
Most U.S. companies, including small businesses in Grants Pass, must comply. For example, a family-owned landscaping LLC operating locally would need to file its BOI report.
What is a Beneficial Owner?
A beneficial owner is anyone who has substantial control or owns at least 25% of a company.
Example: If a Grants Pass bakery has two partners owning 50% and 30% of the business, both are beneficial owners and must be reported.
What Information is Required?
BOI reports must include:
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Company information: Name, address, and EIN.
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Owner information: Name, address, date of birth, and a government-issued ID.
Reports must be filed electronically using FinCEN’s secure online portal.
Filing Deadlines
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Existing businesses: File by January 1, 2025.
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New businesses (2024): File within 90 days of formation.
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New businesses (2025): File within 30 days of formation.
Penalties for Non-Compliance
Failing to file or submitting incorrect information can result in:
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Fines: Up to $500 per day (max $10,000).
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Imprisonment for intentional violations.
A 90-day grace period allows corrections without penalties.
How ZenBusiness Can Help
ZenBusiness offers expert assistance with BOI compliance, saving you time and reducing stress. Their team ensures accuracy and peace of mind, so you can focus on running your business.
Get started with ZenBusiness today.
Additional Resources
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Here's How to Complete the Beneficial Ownership Information Form
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Each State's Requirements for Beneficial Ownership Reporting
Don’t let the January 1, 2025, deadline catch you off guard—act now to secure your compliance and avoid unnecessary penalties!
Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!
*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.
