FinCEN: Graham, TX Businesses Should File BOI Reports by 01/01/2025 to Avoid Possible Fines

The Corporate Transparency Act (CTA) requires businesses, including those in Graham, Texas, to report Beneficial Ownership Information (BOI) to FinCEN, promoting transparency and combating financial crimes like money laundering and tax evasion.

As of today, November 26, 2024, Graham business owners have 36 calendar days (or 26 business days) left to file their BOI reports with FinCEN before the January 1, 2025, deadline—don’t risk daily fines of $500 for late submissions!

Steps for Graham Businesses to Comply

1. Confirm Your Filing Requirement

Deadline: ASAP
If you operate a corporation, LLC, or similar entity, you likely need to file unless exempt (e.g., publicly traded companies, banks, charities).

2. Identify Your Beneficial Owners

Deadline: December 10, 2024
Beneficial owners are those who:

• Exercise substantial control over your business OR

• Own 25% or more of your company.

ZenBusiness simplifies identifying your beneficial owners.

3. Gather Required Information

Deadline: December 17, 2024
You’ll need:

• Business information: Name, address, and EIN.

• Owner details: Full name, address, birthdate, and ID (e.g., driver’s license).

4. File Your BOI Report

Deadline: 01/01/2025 for existing companies

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

• New companies (2025): File within 30 days of formation.
  Learn how ZenBusiness can streamline the filing process.

Understanding BOI Filing

Who Needs to File?

Corporations, LLCs, and other similar entities must report unless exempt. For instance, a small oilfield service company in Graham operating as an LLC would need to file.

What is a Beneficial Owner?

A beneficial owner is anyone who:

1. Controls the business’s operations, OR

2. Owns 25% or more of the business.
   Example: If a Graham ranching business has two partners owning 50% and 30%, both are beneficial owners.

What Information Do You Need?

BOI reports include:

1. Business details: Name, address, and EIN.

2. Beneficial owner details: Name, address, birthdate, and identification document.
   Reports must be submitted electronically via FinCEN’s secure online portal.

Deadlines by Business Type

• Existing businesses (before 2024): File by January 1, 2025.

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

• New businesses (2025 or later): File within 30 days of formation.

Avoid Costly Penalties

Failing to file or submitting incorrect information can result in:

• Fines: Up to $500 per day, capped at $10,000.

• Imprisonment for intentional violations.
  The 90-day safe harbor period allows businesses to correct errors without penalties.

Get Assistance from ZenBusiness

ZenBusiness provides expert guidance for BOI compliance, saving you time and ensuring accuracy. Trust their team to simplify the filing process so you can focus on running your business.

Start your filing with ZenBusiness now!

Additional Resources

• FinCEN BOI FAQ

• ZenBusiness BOI Filing

• Who Is Exempt from the Corporate Transparency Act

• Deadlines for the Corporate Transparency Act

• BOI Compliance Guidance

Stay ahead of the January 1, 2025, deadline and protect your Graham business from unnecessary fines—take action today!