FinCEN Says Chandler, AZ Businesses Must File BOI Reports by 01/01/2025 or Face $500 Per Day Fines

The Corporate Transparency Act (CTA) requires businesses in Chandler, AZ to submit Beneficial Ownership Information (BOI) to FinCEN to curb financial crimes such as tax evasion and money laundering.

As of today, 11-26-2024, Chandler business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—act promptly to avoid $500 daily penalties!

Key Action Steps for Chandler Businesses

1. Verify If Your Business Must File

Deadline: ASAP
Most LLCs and corporations must file unless exempt. Exempt businesses include banks, publicly traded companies, and charities.

2. Identify Beneficial Owners

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

• Hold 25% or more ownership, or

• Exercise substantial control over the company.

3. Collect Necessary Information

Deadline: 12-17-2024
You’ll need:

• Business Details: Name, EIN, physical address.

• Owner Information: Names, addresses, dates of birth, and ID numbers.

4. Submit Your BOI Report

Deadlines:

• Existing Companies (pre-2024): File by 01/01/2025.

• New Companies (2024): File within 90 days of formation.

• New Companies (2025 or later): File within 30 days of formation.

Click here to see how ZenBusiness can simplify this process for you.

What Chandler Businesses Need to Know

Who Needs to File?

Any small business, such as a locally owned retail store or landscaping service in Chandler, must file unless exempt. Exemptions include banks, nonprofits, and publicly traded corporations.

What Is a Beneficial Owner?

A beneficial owner is someone who either:

1. Owns 25% or more of the company, or

2. Exercises significant control over its operations.

Example: If two partners co-own a Chandler-based bakery with equal shares, both qualify as beneficial owners.

What Information Is Required?

To file your BOI report, you’ll need:

• Business Information: Name, EIN, address.

• Owner Details: Names, home addresses, birth dates, and valid ID numbers.

How and When to File

BOI reports must be submitted electronically through FinCEN’s online system. Filing deadlines:

• Existing Companies: File by 01/01/2025.

• New Companies (2024): File within 90 days of registration.

• New Companies (2025 or later): File within 30 days of registration.

Penalties for Missing Deadlines

Failing to file on time or providing incorrect information can result in fines of $500 per day and imprisonment. However, FinCEN allows a 90-day grace period for corrections.

Let ZenBusiness Help You

ZenBusiness specializes in BOI compliance, ensuring your reports are accurate and filed on time, sparing you from unnecessary stress and fines. Start your filing process today.

Additional Resources

• FinCEN BOI FAQ

• Step-by-Step BOI Compliance Guide

• BOI Filing for Small Businesses

Act now to stay compliant and safeguard your Chandler business!