FinCEN's BOI Reporting Deadline: Broomfield, CO Businesses Must File by 01/01/2025
The Corporate Transparency Act (CTA) mandates that businesses in Broomfield, CO, report Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and combat financial crimes.
As of today, 11-26-2024, Broomfield business owners have 36 calendar days (or 27 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t delay, as fines of $500 per day may apply for late filings.
Key Steps for Broomfield Business Owners
1. Confirm Your Filing Obligation
Deadline: ASAP
Businesses required to file include most LLCs, corporations, and similar entities, with exemptions for banks, publicly traded companies, and nonprofits.
2. Identify Beneficial Owners
Deadline: 12-10-2024
Beneficial owners include individuals who:
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Own 25% or more of the company, or
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Have substantial control over business operations.
3. Prepare Required Information
Deadline: 12-17-2024
Gather details for both the company and its beneficial owners, including:
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Company: Name, EIN, address.
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Owners: Names, birthdates, residential addresses, and ID information.
4. Submit Your BOI Report
Deadlines:
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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 creation.
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New businesses formed in 2025 or later: File within 30 days of creation.
Learn how ZenBusiness can assist with a simple, stress-free filing process here.
What Broomfield Businesses Should Know
Who Must File?
Most small businesses, such as a Broomfield-based consulting firm or café, fall under the reporting requirements. Exempt entities include nonprofits, large publicly traded companies, and certain financial institutions.
What Defines a Beneficial Owner?
A beneficial owner is anyone who:
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Owns 25% or more of the business, or
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Exercises substantial control over operations.
Example: In a Broomfield bakery with three equal partners, each partner would be classified as a beneficial owner due to shared decision-making authority.
What Information is Required?
Businesses must provide:
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Business Information: Name, EIN, physical address.
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Owner Information: Full names, birthdates, residential addresses, and ID details.
How to File
BOI reports are submitted electronically via FinCEN’s online system. Deadlines depend on the business's formation date:
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Companies formed before January 1, 2024 must file by January 1, 2025.
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Companies formed in 2024 must file within 90 days of formation.
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Companies formed after January 1, 2025 must file within 30 days of creation.
Penalties for Non-Compliance
Failing to file or providing false information can result in:
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Daily fines of $500, capped at $10,000.
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Imprisonment for serious violations.
However, FinCEN offers a 90-day safe harbor period to correct filing errors without penalties.
Why Use ZenBusiness?
ZenBusiness specializes in streamlining the BOI filing process, ensuring accuracy and saving time for business owners. Their expertise can help you avoid errors and meet compliance deadlines. Start your BOI filing with ZenBusiness today.
Additional Resources
Broomfield businesses: Take action now to ensure compliance and avoid unnecessary penalties!
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