The Corporate Transparency Act (CTA) mandates Carlisle, PA businesses to disclose Beneficial Ownership Information (BOI) to FinCEN, aiming to combat financial crimes like tax evasion and money laundering.
As of today, 11-26-2024, Carlisle business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—don’t delay to avoid $500 daily penalties!
Steps to Ensure Your Business Complies
1. Determine If Your Business Must File
Deadline: ASAP
Most corporations, LLCs, and similar entities must comply unless exempt. Exemptions include banks, publicly traded companies, and charities.
2. Identify Beneficial Owners
Deadline: 12-10-2024
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.
3. Gather Necessary Information
Deadline: 12-17-2024
Compile:
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Business Details: Name, EIN, address.
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Owner Details: Full name, address, date of birth, ID number.
4. Submit Your BOI Report
Deadlines:
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Existing Companies (before 2024): File by 01/01/2025.
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New Companies (2024): File within 90 days of creation.
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New Companies (2025 or later): File within 30 days of creation.
ZenBusiness simplifies BOI reporting. Start here!
More About BOI Filing
Who Needs to File?
Most small businesses in Carlisle, such as local coffee shops or boutique stores, are required to file. Exemptions apply to larger organizations, such as banks or publicly traded companies. For instance, a family-owned Carlisle bakery will likely need to file.
What Is a Beneficial Owner?
A beneficial owner is an individual with significant control or a major ownership stake in a business:
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Owns 25% or more equity, or
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Exerts operational control.
Example: A Carlisle landscaping business with two equal partners who each hold 50% ownership—both partners are beneficial owners.
Information Required for BOI Reports
Your BOI report must include:
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Business Info: Legal name, EIN, and physical address.
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Owner Info: Full name, residential address, birth date, and government-issued ID details.
How and When to File
Submit BOI reports electronically via FinCEN’s online system. Deadlines depend on the formation date:
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Pre-2024 entities: File by 01/01/2025.
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2024 entities: File within 90 days.
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2025 entities: File within 30 days.
Penalties for Non-Compliance
Failure to file or providing false information results in fines up to $500 per day and possible imprisonment. FinCEN offers a 90-day safe harbor to correct mistakes.
Why Choose ZenBusiness for BOI Filing?
ZenBusiness offers expert guidance to ensure BOI filing accuracy and timeliness, saving you stress and safeguarding against penalties. Learn more about their services.
Additional Resources
Act now to secure your Carlisle business’s compliance before January 1, 2025.
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.
