FinCEN's BOI Filing Deadline: 01/01/2025 - Napa, CA Businesses Must File Now to Avoid Fines!

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The Corporate Transparency Act (CTA) requires businesses to report Beneficial Ownership Information (BOI) to FinCEN, promoting financial transparency and deterring illicit activities.

As of today, November 27, 2024, Napa, California, business owners have 35 calendar days (or 25 business days) left to file their BOI report with FinCEN—don’t delay, or you could face $500 per day fines!

 

 

What You Need to Do:

1. Determine if Your Business Must File.

Most LLCs, corporations, and small businesses qualify as "reporting companies." Exceptions include publicly traded companies and certain regulated entities.

2. Identify Your Beneficial Owners.

Beneficial owners are individuals with substantial control or 25% or more ownership of the company. For example, the managing partner of a Napa vineyard with a 40% stake qualifies as a beneficial owner.

3. Gather the Required Information.

Prepare:

  • Business name, address, and EIN.

  • Beneficial owners’ names, addresses, DOBs, and ID details.

4. File Your BOI Report.

Deadlines:

  • Existing businesses: File by 01/01/2025.

  • New companies (2024): File within 90 days of formation.

  • New companies (2025+): File within 30 days of formation.

ZenBusiness can guide you through the process for an easy and accurate filing.

 

 

Key BOI Filing Details:

Who Needs to File?

Most small LLCs, corporations, and similar businesses in Napa must file. Exemptions apply to large, publicly traded, and regulated entities. For example, a family-owned Napa winery likely needs to file, but a large retail chain does not.

What Is a Beneficial Owner?

A beneficial owner is someone who:

  1. Has substantial control over the business, OR

  2. Owns 25% or more of it.

For example, a co-owner of a Napa-based artisanal cheese shop with a 30% stake and decision-making power qualifies as a beneficial owner.

What Information Is Needed?

You’ll need:

  • Business name, address, EIN.

  • Owners’ names, addresses, DOBs, and identification details.

How and When to File:

BOI reports must be submitted electronically to FinCEN. Deadlines:

  • Existing businesses: File by 01/01/2025.

  • 2024 startups: File within 90 days of formation.

  • 2025+ startups: File within 30 days of formation.

Let ZenBusiness assist with your BOI filing today.

Penalties for Non-Compliance:

Failure to file may result in fines of up to $500 per day, a maximum of $10,000, and possible criminal penalties. FinCEN offers a 90-day safe harbor for corrections without penalties.

 

 

Additional Resources:

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.

FinCEN's BOI Filing Deadline: 01/01/2...