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FinCEN’s BOI Deadline: Fairbanks, AK Businesses Should File by 01/01/2025 to Avoid Possible Fines
The Corporate Transparency Act (CTA) mandates most U.S.-registered businesses to disclose Beneficial Ownership Information (BOI) to FinCEN, a crucial step toward reducing financial crimes like money laundering and tax evasion.As of today, November 26, 2024, Fairbanks, Alaska business owners have 36 calendar days (or 26 business days) left to file their BOI reports with FinCEN. Avoid penalties of $500 per day by acting promptly!
Key Steps for Fairbanks Businesses:
1. Determine if your business must file.
Most LLCs, corporations, and similar entities need to file unless exempt (e.g., banks, nonprofits, or publicly traded companies).
2. Identify your beneficial owners.
Beneficial owners are individuals who own 25% or more of your business or have significant control over its operations. Simplify this step with ZenBusiness.
3. Gather the necessary information.
Collect details such as names, dates of birth, addresses, and government-issued ID information for each beneficial owner.
4. Submit your BOI report electronically.
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Existing companies (pre-2024): Deadline is 01/01/2025.
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New companies (formed in 2024): File within 90 days of formation.
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New companies (formed in 2025+): File within 30 days of formation.
Learn more about ZenBusiness’s expert assistance with BOI filings.
What Fairbanks Businesses Need to Know About BOI Filing:
Who Needs to File?
"Reporting companies" include most LLCs and corporations. However, exemptions apply to banks, charities, and publicly traded companies. For instance, a local outdoor adventure company in Fairbanks organized as an LLC will need to file, but a nonprofit wildlife conservation organization would not.
Who is a Beneficial Owner?
A beneficial owner is someone who:
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Owns 25% or more of the company, OR
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Exercises significant control over its operations.
For example, if two partners co-own a Fairbanks-based artisanal coffee shop with 50% each, both are considered beneficial owners.
What Information is Required?
Businesses need to report:
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Company information: Name, address, and EIN.
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Beneficial owner details: Name, date of birth, residential address, and government-issued ID (e.g., passport or driver’s license).
This ensures compliance and prevents fraudulent activities.
How and When to File?
BOI reports must be submitted electronically through FinCEN’s secure online portal. Deadlines depend on when your business was formed:
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Existing businesses (pre-2024): File by 01/01/2025.
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New businesses (2024): File within 90 days of registration.
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New businesses (2025+): File within 30 days of registration.
Penalties for Non-Compliance:
Failure to file or submitting false information may lead to:
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Daily fines of $500, up to a maximum of $10,000.
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Possible imprisonment for willful violations.
However, FinCEN allows a 90-day safe harbor for businesses to correct errors without penalties.
ZenBusiness Simplifies BOI Compliance:
ZenBusiness offers:
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Expert assistance to accurately identify beneficial owners.
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A streamlined filing process that saves you time and ensures compliance.
Start your filing online with ZenBusiness!
Additional BOI Resources:
Prepare today to meet the January 1, 2025 deadline and avoid costly penalties!
Your input makes a difference! Take a few minutes to complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. [Take the survey here!] Thank you for supporting our Chamber and sharing your feedback!
*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.
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