FinCEN Requires Homer, Georgia Businesses to Submit BOI Reports by 01/01/2025—Avoid $500 Per Day Fines!

The Corporate Transparency Act (CTA) mandates that businesses across the United States, including Homer, Georgia, submit Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to combat financial crimes and enhance transparency in business ownership.

As of today, November 27, 2024, Homer business owners have 35 calendar days (or 25 business days) to file their BOI reports—delaying could result in steep fines of $500 per day!

Essential Steps to File Your BOI Report

1. Determine If You Need to File

Deadline: ASAP
Most LLCs, corporations, and similar entities are required to file unless they qualify for exemptions (e.g., nonprofits, publicly traded companies).

2. Identify Your Beneficial Owners

Deadline: December 10, 2024
A beneficial owner is someone who:

• Exercises substantial control over the company, OR

• Holds at least 25% ownership.

Click here to see how ZenBusiness can simplify identifying beneficial owners.

3. Gather Required Information

Deadline: December 17, 2024
Prepare this information for your BOI report:

• Company details: Name, EIN, address.

• Owner details: Full names, birth dates, residential addresses, and valid government ID information.

4. File the Report

Deadlines vary by company formation date:

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

• New companies (formed in 2024): File within 90 days of formation.

• New companies (formed in 2025 or later): File within 30 days of formation.

Let ZenBusiness guide you through the filing process by clicking here.

What You Need to Know

Who Must File?

Most LLCs, corporations, and small businesses in Homer must comply unless exempt.
Example: A locally owned hardware store in Homer would likely need to file, while a publicly traded company would be exempt.

What is a Beneficial Owner?

A beneficial owner is defined as:

1. Someone with substantial control over company decisions, OR

2. An individual owning 25% or more of the business.
   Example: For a Homer-based catering service, both the operations manager and a partner owning 30% would qualify as beneficial owners.

Information to Include

You’ll need:

• Business Details: Legal name, EIN, and address.

• Owner Information: Full names, addresses, dates of birth, and valid government-issued ID details.

Reports must be submitted electronically through FinCEN’s system.

Penalties for Non-Compliance

Failure to file or providing false information can lead to:

• Daily fines of $500, up to $10,000.

• Criminal charges, including imprisonment.

Mistakes? Take advantage of the 90-day safe harbor period to correct errors.

Get Help with ZenBusiness

ZenBusiness provides an easy and reliable way for Homer businesses to comply with BOI filing requirements. Save time and avoid errors with expert assistance. Start your filing with ZenBusiness today.

Additional Resources

• FinCEN BOI FAQ

• ZenBusiness Provides BOI Filing Services

• Corporate Transparency Act Exemption Information

• CTA Deadlines for 2025

• A Guide to BOI Compliance

• BOI Filing Information for Small Businesses

• Complete the Beneficial Ownership Information Form with This Guide

Take action now to meet the January 1, 2025 deadline and avoid penalties!

Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!

*As of December 3, 2024, a Texas federal district court has issued a preliminary injunction for all states to block the CTA and its relevant regulations. However, filing your BOI will help you avoid fines if this injunction is overruled.