FinCEN Says Bossier City, LA Businesses Must File BOI Reports by 01/01/2025 or Face $500 Daily Fines
The Corporate Transparency Act (CTA) mandates that businesses in Bossier City, LA, submit Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to improve transparency and combat financial crimes like tax evasion and money laundering.
As of today, 11-26-2024, Bossier City business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don’t delay, or you may face $500-per-day penalties!
Action Steps for Bossier City Businesses
1. Determine Your Filing Requirement
Deadline: ASAP
Most LLCs, corporations, and similar entities must file. Exemptions include banks, charities, and publicly traded companies.
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:
Own 25% or more of the company, or
Have significant control over business operations.
3. Collect Necessary Information
Deadline: 12-17-2024
Required details include:
Company Info: Name, EIN, and address.
Owner Info: Names, residential addresses, birthdates, and ID details (e.g., passport or driver’s license).
4. File the BOI Report
Deadlines:
Existing businesses: File by 01/01/2025.
New businesses (formed in 2024): File within 90 days of creation.
New businesses (formed in 2025): File within 30 days of creation.
Click here to let ZenBusiness help simplify the BOI filing process.
Additional Insights for Local Businesses
Who Must File?
A "reporting company" includes most LLCs and corporations but excludes nonprofits, banks, and large public companies. For example, a family-owned construction company in Bossier City would need to file, while a local food bank would likely be exempt.
What is a Beneficial Owner?
A beneficial owner is someone who:
Owns 25% or more of the company, or
Exercises substantial control, such as decision-making authority.
Example: A Bossier City restaurant with three co-owners would identify any individual owning 25% or more as a beneficial owner.
Information to Submit
BOI reports require both company and owner information, including:
Company’s legal name, EIN, and address.
Owners’ names, residential addresses, dates of birth, and ID document details.
How and When to File
Reports must be electronically submitted through FinCEN’s system. Deadlines vary:
Existing companies: File by 01/01/2025.
New companies (2024): File within 90 days of creation.
New companies (2025+): File within 30 days of creation.
Penalties for Non-Compliance
Failure to comply can result in:
Daily fines of $500, up to $10,000.
Potential imprisonment for false filings.
However, FinCEN allows a 90-day correction window for errors without penalties.
ZenBusiness Can Help
ZenBusiness streamlines the BOI filing process, ensuring compliance and saving you time. Their experts make it easy to meet your deadlines without stress. Learn more about ZenBusiness’s services here.
Additional Resources
Act now to avoid unnecessary penalties and keep your business compliant!
Help us and our Chamber by completing a quick BOI survey by December 18, 2024! It only takes a few minutes, and for every 25 responses, our Chamber earns a $100 donation. [Click here to take the survey!] We appreciate your time and participation!
*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.