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FinCEN Requires Batavia, IL Businesses to File BOI Reports by 01/01/2025: Avoid $500 Daily Penalties

CommunityEconomicPress Release


The Corporate Transparency Act (CTA) requires businesses in Batavia, IL, to file Beneficial Ownership Information (BOI) reports with FinCEN by January 1, 2025, to improve transparency and deter financial misconduct.

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

 

 

Action Steps for Compliance

1. Confirm If Your Business Must File

Deadline: ASAP
"Reporting companies" include most corporations and LLCs, except exempt entities like banks, nonprofits, or publicly traded companies.

2. Identify Beneficial Owners

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

  • Own 25% or more of the company, or

  • Exercise significant control over operations.

3. Prepare BOI Details

Deadline: 12-17-2024
Gather:

  • Company Information: Name, EIN, address

  • Owner Information: Full names, addresses, birth dates, ID details

4. File the BOI Report

Deadlines:

  • Existing businesses: 01/01/2025

  • Businesses formed in 2024: 90 days after formation

  • Businesses formed in 2025: 30 days after formation

ZenBusiness can simplify your filing process—get started by clicking here.

 

 

Key Details About BOI Filing

Who Needs to File?

Most Batavia businesses must file unless exempt. For example, a local bakery operating as an LLC would need to file, but a registered nonprofit serving the community would not.

What Is a Beneficial Owner?

Beneficial owners are defined as:

  1. Individuals owning 25% or more of a business, or

  2. Those with substantial control over business operations.

For instance, in a Batavia-based marketing firm co-owned by four partners, anyone holding at least 25% ownership or making critical decisions qualifies as a beneficial owner.

What Information Is Required?

The BOI report must include:

  • Business Information: Name, address, and EIN

  • Owner Information: Names, addresses, birth dates, ID details

How and When to File?

Submit the BOI electronically via FinCEN’s online system. Deadlines are based on company formation dates:

  • Existing companies: 01/01/2025

  • New companies in 2024: 90 days after formation

  • New companies in 2025: 30 days after formation

Penalties for Non-Compliance

Failing to file or providing false information results in $500 daily fines or imprisonment. A 90-day safe harbor period allows businesses to correct mistakes without penalties.

 

 

Get Expert Assistance with ZenBusiness

ZenBusiness offers streamlined solutions for BOI reporting, ensuring accuracy and saving you time. Protect your business and avoid penalties by starting your filing with ZenBusiness today.

 

 

Additional Resources

Act now to ensure compliance and avoid unnecessary penalties!

FinCEN Requires Batavia, IL Businesse...