The Corporate Transparency Act (CTA) requires specific businesses to file Beneficial Ownership Information (BOI) with FinCEN to enhance transparency and combat financial crimes like money laundering and tax evasion.

As of today, 11-26-2024, Aurora business owners have 36 calendar days (or 27 business days) left to submit their BOI reports with FinCEN—act now to avoid fines of $500 per day!

Steps to Ensure BOI Compliance

1. Confirm If You Must File

Deadline: ASAP
Most corporations, LLCs, and similar entities in Aurora must file unless exempt (e.g., banks, nonprofits).

2. Identify Your Beneficial Owners

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

• Own at least 25% of the company, or

• Have substantial control over it.

3. Collect Required Information

Deadline: 12-17-2024
You’ll need:

• Business details: Name, address, EIN

• Owner details: Full names, residential addresses, birthdates, and ID documents

4. File Your BOI Report

Deadlines:

• Existing companies: 01/01/2025

• New companies (2024): 90 days after formation

• New companies (2025+): 30 days after formation

Click here to see how ZenBusiness can simplify your BOI filing process.

Additional Details About BOI Filing

Who Needs to File?

If your business is a corporation, LLC, or similar entity in Aurora, you likely need to file. Exempt businesses include banks, nonprofits, and public companies. For example, a family-owned construction firm operating as an LLC would need to submit a BOI report.

What Is a Beneficial Owner?

A beneficial owner either:

• Exercises substantial control (e.g., managing daily operations), or

• Holds 25% or more ownership in the company.

For example, in a local Aurora bakery, the two co-owners each holding 50% stakes would both qualify as beneficial owners.

What Information Is Needed?

BOI reports require:

• Business details: Name, EIN, and address

• Owner details: Names, residential addresses, birthdates, and ID documents
  This information ensures FinCEN understands the company’s ownership structure.

How and When to File

Reports must be filed electronically via FinCEN’s system. Deadlines are:

• Companies formed before 2024: 01/01/2025

• Companies formed in 2024: 90 days after creation

• Companies formed in 2025+: 30 days after creation

Penalties for Non-Compliance

Failing to file or providing false information can lead to fines of $500 per day and possible criminal charges. However, FinCEN offers a 90-day safe harbor to correct errors made in good faith.

ZenBusiness: Your Trusted BOI Partner

ZenBusiness provides expert assistance to ensure your BOI report is accurate and submitted on time. Save time, avoid penalties, and gain peace of mind with their streamlined filing solutions. Learn more here.

Additional Resources

• FinCEN BOI FAQ

• Step-by-Step Guide to Filing Your BOI

• Corporate Transparency Act - Overview

• State-Specific BOI Filing Requirements

Ensure your Aurora business complies with FinCEN’s BOI requirements by the January 1, 2025 deadline!