NWSH CDA Chamber Ad
NWSH CDA Chamber Ad

FinCEN’s BOI Filing Deadline Approaches: Coeur D’Alene, ID Businesses Should Act by 01/01/2025

Offer Valid: 11/27/2024 - 11/27/2026

The Corporate Transparency Act (CTA) requires Coeur D’Alene businesses to submit Beneficial Ownership Information (BOI) to FinCEN, ensuring transparency and combating financial crimes like tax evasion and money laundering.

As of today, 11-26-2024, Coeur D’Alene business owners have 36 calendar days (or 27 business days) to file their BOI reports with FinCEN—don’t delay or risk $500 daily fines.

 


 

Steps for Coeur D’Alene Businesses to File BOI Reports

1. Confirm Filing Requirements

Deadline: ASAP
Determine if your business qualifies as a "reporting company." Most corporations, LLCs, and partnerships need to file unless exempt (e.g., banks or publicly traded companies).

2. Identify Beneficial Owners

Deadline: 12-10-2024
Beneficial owners include individuals who:

  • Own 25% or more of the business, or

  • Have substantial control over its operations.

3. Gather Necessary Information

Deadline: 12-17-2024
Collect the following:

  • Legal names of beneficial owners

  • Residential addresses

  • Dates of birth

  • Valid identification details

4. Submit the BOI Report

Deadlines:

  • Existing companies (formed before 01/01/2024): File by 01/01/2025.

  • New companies (formed in 2024): File within 90 days of formation.

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

Let ZenBusiness handle your filing needs. Start here.

 


 

Filing Insights for Coeur D’Alene

Who Needs to File?

Most Coeur D’Alene businesses structured as LLCs, corporations, or partnerships need to file. For example, a local tech startup in the area would likely qualify as a reporting company, while a nonprofit community organization would likely be exempt.

What Is a Beneficial Owner?

Beneficial owners are key individuals with control or ownership of at least 25%. For instance, in a local Coeur D’Alene coffee shop, the owner who oversees operations and holds significant equity would be considered a beneficial owner.

What Information Is Required?

Provide business details like:

  • Company name, address, and EIN
    And ownership information:

  • Names, addresses, and valid identification of beneficial owners

How and When to File

Reports must be submitted electronically via FinCEN’s system. Deadlines are based on when the company was formed:

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

  • Companies formed in 2024: File within 90 days.

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

Penalties for Non-Compliance

Failing to file or providing inaccurate information can result in fines of $500 per day or criminal penalties. However, there’s a 90-day grace period to amend errors.

 


 

ZenBusiness: Your Partner for BOI Compliance

ZenBusiness simplifies BOI filing for Coeur D’Alene businesses, ensuring compliance and saving time. Start your filing today.

 


 

Additional Resources

Avoid penalties—ensure your BOI filing is completed accurately and on time.

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.

This Hot Deal is promoted by Coeur d'Alene Regional Chamber .