As of today, 11-26-2024, Bronx business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don't delay, as fines of $500 per day may apply for non-compliance. Deadline: ASAP Deadline: 12-10-2024 Own at least 25% of the company, or Exercise substantial control over operations. Deadline: 12-17-2024 Business details: Name, EIN, address. Owner details: Name, birthdate, residential address, ID. Deadlines: Existing businesses: File by 01/01/2025. New businesses (2024): File within 90 days of formation. New businesses (2025): File within 30 days of formation. Click here to learn how ZenBusiness simplifies the BOI filing process. Most corporations and LLCs are "reporting companies." Exemptions include banks, charities, and publicly traded companies. For example, a Bronx-based retail shop owned by a local entrepreneur must file, but a nonprofit food bank does not. A beneficial owner is anyone who: Owns 25% or more of the company, or Exerts significant control over decisions. Example: If a family-run Bronx diner has three owners with equal stakes, all three are beneficial owners who must be reported. Reports include: Business Information: Legal name, EIN, address. Owner Information: Full name, birthdate, residential address, ID type and number. BOI reports are submitted electronically via FinCEN. Filing deadlines depend on company creation dates: Existing companies: File by January 1, 2025. New companies formed in 2024: File within 90 days of creation. New companies formed in 2025 or later: File within 30 days of creation. Failing to file can result in: Daily fines: $500, up to $10,000 total. Criminal charges: Including imprisonment for false filings. Mistakes can be corrected within a 90-day safe harbor period without penalties. ZenBusiness offers tools to streamline BOI reporting, ensuring accuracy and saving you time. Start your BOI filing here. Ensure your Bronx business is compliant by 01/01/2025—file now to avoid fines! Your input makes a difference! Take a few minutes to complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. [Take the survey here!] Thank you for supporting our Chamber and sharing your feedback! *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.
The Corporate Transparency Act (CTA) mandates Bronx businesses to disclose Beneficial Ownership Information (BOI) to FinCEN, a federal initiative to combat financial crimes such as tax evasion and money laundering.
Action Plan for Bronx Businesses
1. Confirm Your Filing Requirement
Businesses like corporations and LLCs generally need to file unless exempt, such as charities or publicly traded companies.2. Identify Beneficial Owners
Beneficial owners are individuals who either:
3. Collect Required Information
Ensure you have:
4. File Your BOI Report
Key Details About BOI Filing
Who Needs to File?
What Is a Beneficial Owner?
What Information Is Required?
How and When to File
Penalties for Non-Compliance
Simplify BOI Compliance with ZenBusiness
Additional Resources
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