The Corporate Transparency Act (CTA) mandates that businesses in Conifer, CO, file Beneficial Ownership Information (BOI) with FinCEN to improve financial transparency and combat illicit activities.
As of today, 11-26-2024, Conifer business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—act now to avoid fines of $500 per day!
Action Plan for Conifer Businesses
1. Check Your Filing Requirement
Deadline: ASAP
If your business is a corporation, LLC, or similar entity, you must file unless exempt (e.g., banks, publicly traded companies, or charities).
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:
-
Own 25% or more of the business, or
-
Have significant control over company operations.
3. Compile Necessary Information
Deadline: 12-17-2024
Prepare these details:
-
Beneficial owner names, addresses, birthdates
-
Valid identification documents
4. Submit Your 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.
Get help with your filing through ZenBusiness here.
What You Need to Know About BOI Reporting
Who Needs to File?
If your business operates as a corporation, LLC, or similar entity in Conifer, CO, you likely need to file. Exemptions apply to certain organizations like banks or nonprofits. For instance, a locally owned outdoor gear shop operating as an LLC would need to comply.
Who Qualifies as a Beneficial Owner?
Beneficial owners are individuals with:
-
25% or greater ownership, or
-
Decision-making power over the company.
For example, in a family-owned café in Conifer, the founder with 30% ownership and operational control would qualify as a beneficial owner.
What Information is Required?
Both company and owner details are needed, including:
-
Company name, address, EIN
-
Owner names, addresses, birthdates, and ID documents
How to File and Deadlines
Reports must be filed online through FinCEN. Filing deadlines are based on when your company was formed:
-
Before 01/01/2024: File by 01/01/2025.
-
In 2024: File within 90 days of formation.
-
After 01/01/2025: File within 30 days.
Penalties for Missing the Deadline
Noncompliance can lead to fines of $500 per day, criminal charges, and imprisonment. FinCEN offers a 90-day safe harbor to correct mistakes.
ZenBusiness Can Simplify Your Filing
ZenBusiness offers streamlined support for BOI filing, ensuring compliance and peace of mind. Start your filing process today with ZenBusiness.
Additional Resources
Take the necessary steps today to ensure your compliance and avoid penalties.
