FinCEN’s BOI Reporting Deadline: Brookline, MA Businesses Should File by 01/01/2025
The Corporate Transparency Act (CTA) requires Brookline businesses to submit Beneficial Ownership Information (BOI) to FinCEN, a federal initiative aimed at curbing financial crimes like money laundering and tax evasion.
As of today, 11-26-2024, Brookline business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don’t delay, as failing to file could result in fines of $500 per day.
Key Steps for Brookline Businesses
1. Confirm Your Filing Obligation
Deadline: ASAP
Most corporations and LLCs must file, except for entities like banks, charities, or publicly traded companies.
2. Identify Your Beneficial Owners
Deadline: 12-10-2024
Beneficial owners are individuals who:
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Own 25% or more of the company, or
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Exercise substantial control over it.
3. Collect Necessary Information
Deadline: 12-17-2024
Prepare the following:
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Business details: Name, EIN, address.
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Owner details: Name, birthdate, residential address, ID information.
4. Submit Your BOI Report
Deadlines:
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Existing companies: File by 01/01/2025.
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New companies formed in 2024: File within 90 days of creation.
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New companies formed in 2025 or later: File within 30 days of creation.
Click here to see how ZenBusiness can help simplify your BOI filing process.
Understanding BOI Filing
Who Needs to File?
Most LLCs and corporations are required to file unless exempt. For example, a Brookline-based boutique bakery must file, while a local nonprofit charity is exempt.
What Is a Beneficial Owner?
A beneficial owner is any individual who:
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Owns 25% or more of the business, or
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Has significant decision-making authority over its operations.
Example: If a Brookline café has three equal partners, all three are beneficial owners.
What Information Must Be Reported?
Businesses must report details about themselves and their beneficial owners, including:
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Business Information: Name, EIN, address.
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Owner Information: Name, birthdate, residential address, and identification details.
How and When to File
All BOI reports must be filed electronically via FinCEN. Deadlines vary based on the company’s formation date:
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Existing businesses: File by January 1, 2025.
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New businesses formed in 2024: File within 90 days of registration.
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New businesses formed in 2025: File within 30 days of registration.
Penalties for Non-Compliance
Failure to file may result in:
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Daily fines of $500, up to $10,000.
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Potential imprisonment for false reporting.
Errors can be corrected within a 90-day safe harbor period without penalties.
Simplify Compliance with ZenBusiness
ZenBusiness provides tools to streamline your BOI filing, ensuring accuracy and saving time. Start your BOI filing today.
Additional Resources
Brookline businesses: Act now to ensure compliance by January 1, 2025, and avoid costly fines!
We want to hear from you! Take our quick survey by December 18, 2024 to share your knowledge about Beneficial Ownership Information (BOI) filing. It only takes a few minutes. Plus for every 25 responses, our Chamber will receive a $100 donation! [Click here to take the survey now!] Thank you for your time and valuable 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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