FinCEN's BOI Reporting Deadline: Corsicana, TX Businesses Must File by 01/01/2025

The Corporate Transparency Act (CTA) mandates that businesses in Corsicana, TX, submit Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to enhance transparency and deter financial crimes.

As of today, 11-26-2024, Corsicana business owners have 36 calendar days (or 27 business days) to file their BOI reports with FinCEN—don’t delay, or you could incur fines of $500 per day!

What You Need to Do

1. Determine Your Filing Obligation

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

2. Identify Beneficial Owners

Deadline: 12-10-2024
Beneficial owners are individuals who either:

• Own 25% or more of the company.

• Exercise significant control over business operations.

3. Gather Required Information

Deadline: 12-17-2024
Prepare:

• Business name, EIN, and address.

• Beneficial owners' names, addresses, birthdates, and valid ID details.

4. File Your BOI Report

Deadlines:

• Companies formed before 01/01/2024: File by 01/01/2025.

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

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

Learn how ZenBusiness can simplify the process here.

More About BOI Filing

Who Needs to File?

Most LLCs and corporations are considered reporting companies. Exemptions apply to banks, publicly traded firms, and charities. For example, a Corsicana family-owned retail store would need to file, but a local nonprofit organization would not.

What is a Beneficial Owner?

Beneficial owners are individuals with significant business influence or ownership. They may:

• Control 25% or more of the company.

• Play a major role in decision-making.

Example: In a Corsicana restaurant jointly owned by two partners, both would qualify as beneficial owners.

What Information is Required?

Your report should include:

• Business details: Name, EIN, and address.

• Beneficial owner details: Full names, addresses, birthdates, and valid government-issued ID numbers.

How to File

Reports must be submitted electronically through FinCEN’s system. Deadlines depend on the business formation date:

• Before 2024: File by 01/01/2025.

• During 2024: File within 90 days of formation.

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

Penalties for Non-Compliance

Non-compliance can result in:

• $500 daily fines.

• Criminal penalties, including imprisonment.

A 90-day safe harbor allows corrections for unintentional errors.

Why Use ZenBusiness?

ZenBusiness simplifies the BOI filing process, ensuring accuracy and saving you time. Get started here.

Additional Resources

• FinCEN BOI FAQs

• Step-by-Step BOI Filing Guide

• Corporate Transparency Act for Small Businesses

Stay ahead of the deadline to avoid penalties—file your BOI report today!