• FinCEN's BOI Reporting Deadline Looms for Calabasas, CA Businesses: File by 01/01/2025

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    The Corporate Transparency Act (CTA) requires most businesses in Calabasas, CA to submit Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, as part of federal efforts to improve financial transparency and combat illegal activities.

    As of today, 11-26-2024, Calabasas business owners have 36 calendar days (or 27 business days) to file their BOI report with FinCEN—failure to do so could result in penalties of $500 per day.

     

     

    Action Steps for Calabasas Businesses

    1. Check if Your Business Needs to File

    Deadline: ASAP
    "Reporting companies" include most corporations, LLCs, and partnerships. Exemptions apply to banks, publicly traded companies, and nonprofits.

    2. Identify Your Beneficial Owners

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

    • Own 25% or more of the business, or

    • Have substantial control over its operations.

    3. Gather Required Details

    Deadline: 12-17-2024
    Collect the following:

    • Company Information: Name, EIN, and address.

    • Owner Details: Names, dates of birth, residential addresses, and official identification documents.

    4. File Your BOI Report

    Deadlines:

    • Pre-2024 companies: File by 01/01/2025.

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

    • Companies formed in 2025 or later: File within 30 days of formation.

    Click here to let ZenBusiness assist with your BOI filing needs.

     

     

    BOI Filing Explained

    Who Needs to File?

    Reporting companies include most small businesses, such as local boutiques or LLCs. For example, a Calabasas fitness studio operating as an LLC must file. Exemptions include banks, investment funds, and charities.

    Who Qualifies as a Beneficial Owner?

    A beneficial owner is anyone who:

    • Owns 25% or more of the company, or

    • Controls key decisions or policies.

    For instance, a Calabasas-owned tech startup with three partners, each holding 33%, would require all three partners to be listed.

    What Information Is Needed?

    You’ll need to provide:

    1. Business Details: Name, EIN, and primary address.

    2. Owner Details: Names, dates of birth, residential addresses, and government IDs.

    How to File

    Submit BOI reports electronically via FinCEN’s online system. Filing deadlines vary:

    • Companies formed before 2024 must file by 01/01/2025.

    • Companies formed in 2024 have 90 days to file.

    • New companies starting in 2025 or later have 30 days to comply.

    Penalties for Non-Compliance

    Failing to file or providing incorrect information can lead to fines of up to $500 per day (up to $10,000) and potential imprisonment. FinCEN offers a 90-day grace period for corrections.

     

     

    ZenBusiness: Your Partner for BOI Compliance

    ZenBusiness streamlines the BOI filing process, ensuring your report is accurate and submitted on time. Save time and avoid penalties by letting their experts handle your filing. Start your BOI filing today.

     

     

    Additional Resources

    Don’t delay—file your BOI report today and stay compliant!

     

    FinCEN's BOI Reporting Deadline Looms...