FinCEN's BOI Reporting Deadline: Jackson, MS Businesses Must File by 01/01/2025 to Avoid $500 Daily Penalties!

ChamberCommunityEconomicGeneral News ArticlePress Release


The Corporate Transparency Act (CTA) requires many businesses to submit Beneficial Ownership Information (BOI) to FinCEN, helping to curb financial crimes like tax evasion and money laundering.

As of today, 11/27/2024, business owners in Jackson, Mississippi have 35 calendar days (or 25 business days) to file their BOI reports with FinCEN. Avoid fines of $500 per day by acting promptly!

 

 

Action Steps for Jackson, MS Business Owners

  1. Find out if your business must file a BOI report.
    Deadline: Immediately

    • Most corporations, LLCs, and similar entities must file unless exempt (e.g., nonprofits, publicly traded companies).

  2. Determine who your beneficial owners are.
    Deadline: 12/10/2024

    • A beneficial owner is anyone with at least 25% ownership or significant control over the business.

  3. Collect the necessary information for your report.
    Deadline: 12/17/2024

    • Required: owners’ names, addresses, birth dates, and ID details.

  4. Submit your BOI report to FinCEN.
    Deadlines:

    • Existing companies: 01/01/2025

    • New companies formed in 2024: Within 90 days of formation

    • New companies formed after 01/01/2025: Within 30 days of formation

  5. Click here to learn how ZenBusiness can help simplify this process.

 

 

Detailed BOI Filing Guide

Who Needs to File?

Most corporations and LLCs in Jackson are considered "reporting companies" and must file BOI reports unless exempt. For example, a Jackson-based catering company operating as an LLC must comply, while a local charity is likely exempt.

What is a Beneficial Owner?

A beneficial owner is anyone who:

  1. Has substantial control over the company.

  2. Owns 25% or more of its equity.

For instance, if a boutique in Jackson is owned equally by four partners, each partner is a beneficial owner and must be listed in the report.

What Information Do You Need?

Businesses must provide data for both the company and its beneficial owners:

  • Legal names

  • Residential addresses

  • Dates of birth

  • Government-issued ID numbers

This ensures FinCEN has a complete picture of ownership for compliance purposes.

How and When to File

All BOI reports must be submitted electronically via FinCEN’s secure online system.

  • Existing companies (formed before 01/01/2024): File by 01/01/2025.

  • New companies formed in 2024: File within 90 days of creation.

  • New companies formed after 01/01/2025: File within 30 days of creation.

Penalties for Non-Compliance

Failing to file or submitting false information can result in penalties of up to $500 per day, with potential criminal charges. FinCEN allows a 90-day safe harbor for correcting errors without penalty.

 

 

How ZenBusiness Can Help

ZenBusiness simplifies the BOI filing process by helping businesses identify beneficial owners, collect the required information, and submit accurate reports. Let them save you time and stress—start your filing today here.

 

 

Additional BOI Resources

Act now to ensure compliance and avoid costly penalties!

FinCEN's BOI Reporting Deadline: Jack...