Wayne, NJ Businesses Must File FinCEN's BOI Before 01/01/2025 to Avoid Fines!
The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN to promote transparency and combat financial crimes.
As of this day, November 26, 2024, Wayne, New Jersey, business owners have just 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face $500 per day fines!
What You Need to Do:
1. Determine if Your Business Must File.
Most LLCs, corporations, and small businesses qualify as "reporting companies." Exemptions apply to publicly traded companies and certain regulated entities.
2. Identify Your Beneficial Owners.
Beneficial owners are individuals with substantial control or 25% or more ownership of your business. For example, the owner of a Wayne-based IT consulting firm with a 40% stake qualifies as a beneficial owner.
3. Gather the Required Information.
Prepare:
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Business name, address, and EIN.
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Beneficial owners’ names, addresses, DOBs, and ID details.
4. File Your BOI Report.
Deadlines:
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Existing businesses: File by 01/01/2025.
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New companies (2024): File within 90 days of formation.
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New companies (2025+): File within 30 days of formation.
ZenBusiness can walk you through the reporting process with ease to ensure compliance.
Key BOI Filing Details:
Who Needs to File?
"Reporting companies" include most LLCs, corporations, and small businesses in Wayne. Exemptions apply to publicly traded and regulated entities. For instance, a Wayne-based boutique marketing agency would need to file, while a national firm would not.
What Is a Beneficial Owner?
A beneficial owner is someone who:
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Holds substantial control over the company, OR
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Owns 25% or more of it.
For example, a co-owner of a Wayne-based real estate agency with a 35% stake qualifies as a beneficial owner.
What Information Is Needed?
You’ll need:
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Business name, address, EIN.
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Owners’ names, addresses, DOBs, and identification documents.
How and When to File:
BOI reports must be submitted electronically with FinCEN. Deadlines:
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Existing companies: File by 01/01/2025.
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2024 startups: File within 90 days of formation.
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2025+ startups: File within 30 days of formation.
To avoid noncompliance and the repercussions, let ZenBusiness handle BOI filing for your business.
Penalties for Non-Compliance:
Failure to file can result in fines of $500 per day, up to $10,000, and potential criminal penalties. FinCEN provides a 90-day safe harbor for corrections without penalties.
Additional Resources:
