FinCEN Requires Bolingbrook, IL Businesses to File BOI Reports by 01/01/2025 or Face $500 Daily Fines

The Corporate Transparency Act (CTA) mandates that Bolingbrook, IL businesses disclose their Beneficial Ownership Information (BOI) to FinCEN to enhance transparency and combat financial crimes like tax evasion and money laundering.

As of today, 11-26-2024, Bolingbrook business owners have 36 calendar days (or 27 business days) left to submit their BOI reports to FinCEN—delaying beyond this could result in fines of $500 per day.

Steps to Achieve Compliance

1. Confirm Filing Necessity

Deadline: ASAP
Corporations, LLCs, and similar entities are generally required to file unless exempt (e.g., banks, charities, publicly traded companies).

2. Identify Beneficial Owners

Deadline: 12-10-2024
A beneficial owner is any individual who:

• Holds 25% or more ownership, or

• Exercises significant decision-making authority over the business.

3. Collect Required Information

Deadline: 12-17-2024
Key information includes:

• Company Details: Name, EIN, and address.

• Owner Details: Names, residential addresses, dates of birth, and valid ID information.

4. File the BOI Report

Deadlines:

• Existing businesses: Submit by 01/01/2025

• New companies (2024): Submit within 90 days of registration

• New companies (2025+): Submit within 30 days of registration

ZenBusiness can simplify the BOI reporting process—get started here.

Essential Details for Bolingbrook Business Owners

Who Needs to File?

“Reporting companies” include most LLCs and corporations. Exemptions apply to nonprofits, financial institutions, and publicly traded entities. For example, a local Bolingbrook home remodeling company operating as an LLC must file, while a nonprofit food pantry would be exempt.

What is a Beneficial Owner?

Beneficial owners are individuals who either:

1. Own at least 25% of the company, or

2. Have substantial control over its operations.

Example: If a Bolingbrook coffee shop is jointly owned by three partners, and one partner holds 40% ownership, that partner qualifies as a beneficial owner.

Information Required for Filing

To complete your BOI report, gather:

• Company details: Legal name, EIN, and principal address.

• Beneficial owner details: Full names, residential addresses, birthdates, and ID documentation (e.g., driver’s license or passport).

Filing Process and Deadlines

BOI reports are submitted electronically through FinCEN. Deadlines depend on when the business was formed:

• Companies created before 01/01/2024 must file by 01/01/2025.

• Companies created in 2024 must file within 90 days of registration.

• Companies formed after 01/01/2025 must file within 30 days.

Penalties for Non-Compliance

Failing to file or submitting false information can lead to:

• $500 daily fines

• Potential criminal charges, including imprisonment.

Mistakes can be corrected within a 90-day safe harbor period without penalty.

Why ZenBusiness is Your Best Choice

ZenBusiness offers expert support to guide you through BOI reporting, ensuring accuracy and compliance while saving time. Avoid potential fines and penalties with ZenBusiness’s trusted services.

Additional Resources

• FinCEN BOI FAQ

• Completing BOI Forms Step by Step

• Corporate Transparency Act Deadlines

Stay ahead of the deadline—file your BOI report today to secure compliance and avoid costly fines.