The Corporate Transparency Act (CTA) requires many U.S. businesses to report key details about their beneficial owners to FinCEN, helping fight financial crimes like money laundering and tax evasion.
As of today, November 27, 2024, Jackson, Mississippi business owners have 35 calendar days (or 25 business days) left to file their Beneficial Ownership Information (BOI) report with FinCEN—don’t delay, or you could face fines of $500 per day!
Determine whether your business qualifies as a "reporting company." Most corporations, LLCs, and similar entities must file, except banks, publicly traded companies, and nonprofits.
Beneficial owners are individuals who exercise significant control over the company or own at least 25% of its equity.
Prepare details like beneficial owners’ names, addresses, birth dates, and ID information, plus your company’s name and EIN.
Existing businesses must file by January 1, 2025. New businesses formed in 2024 have 90 days, and those formed on or after January 1, 2025, have 30 days. Learn how ZenBusiness can streamline your filing.
A “reporting company” is any corporation, LLC, or similar entity formed in the U.S. or registered to do business here. Exempt businesses include banks, publicly traded companies, and nonprofits. For example, a small Jackson-based LLC running a local restaurant would likely need to file.
A beneficial owner is someone who has significant influence over a business or owns at least 25% of it. For example, if two siblings co-own a bakery in Jackson, both might be beneficial owners if they split management and ownership evenly.
Businesses must provide details on themselves and their beneficial owners, including:
Full legal names
Residential addresses
Dates of birth
ID numbers (e.g., driver's license or passport)
Company name, address, and EIN
File electronically via FinCEN’s system. Businesses formed before 2024 must file by January 1, 2025. Companies created in 2024 have 90 days, and those formed in 2025 or later have 30 days.
Failing to file or providing false information can result in fines up to $500 per day and potential imprisonment. There’s a 90-day safe harbor for correcting errors.
ZenBusiness offers expert assistance to simplify BOI filing. Their services ensure compliance, save time, and provide peace of mind. Click here to file your BOI report with ease.
FinCEN BOI FAQ
ZenBusiness BOI Filing Services
Who’s Exempt from the Corporate Transparency Act?
Corporate Transparency Act Deadlines for 2025
A Guide to BOI Compliance
BOI Filing for Small Businesses
Completing the Beneficial Ownership Information Form
State Requirements for Beneficial Ownership Reporting
Beneficial Ownership Report Guide
Take action now to ensure compliance 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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