FinCEN's BOI Reporting Deadline: Delafield, Wisconsin Businesses Should File by 01/01/2025

The Corporate Transparency Act (CTA) mandates that businesses across Delafield, Wisconsin, report Beneficial Ownership Information (BOI) to FinCEN by January 1, 2025, to enhance financial transparency and prevent illicit activities.

As of today, November 26, 2024, Delafield business owners have 36 calendar days (or 26 business days) to file their BOI reports with FinCEN—don’t delay, as non-compliance may lead to daily fines of $500 or more.

Steps Delafield Businesses Need to Take

1. Determine If Your Business Must File

Deadline: ASAP
Check if your business qualifies as a "reporting company." Most small LLCs, corporations, and similar entities need to file, except for exempt organizations like publicly traded companies and charities.

2. Identify Your Beneficial Owners

Deadline: December 10, 2024
A beneficial owner is someone who:

• Controls operations, OR

• Owns 25% or more of the company’s shares.

Let ZenBusiness simplify identifying beneficial owners.

3. Gather Required Information

Deadline: December 17, 2024
Prepare:

• Business details: Name, EIN, address.

• Beneficial owner details: Name, birth date, residential address, and ID information.

4. File Your BOI Report

Deadlines depend on the business’s formation date:

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

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

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

ZenBusiness ensures accurate and timely BOI filings.

What Delafield Businesses Should Know

Who Must File?

Most Delafield LLCs and small corporations need to file unless exempt.
Example: A local coffee shop in Delafield must file a BOI report, while a registered nonprofit animal shelter does not.

What Is a Beneficial Owner?

A beneficial owner has either:

1. Significant control over the company, OR

2. 25% or more ownership of the business.
   Example: A Delafield boutique owner with operational authority and a 30% investor both qualify as beneficial owners.

What Information Is Needed?

You’ll need to provide:

• Business information: Name, EIN, and address.

• Beneficial owner details: Full name, birth date, residential address, and ID number.

Consequences of Non-Compliance

Failing to file or submitting false information can result in:

• Daily fines of $500, up to $10,000.

• Potential criminal charges, including imprisonment.

There’s a 90-day correction period for filing errors without penalties.

ZenBusiness Can Help

ZenBusiness offers expert guidance to ensure your BOI filing is completed accurately and on time, saving you stress and avoiding penalties. Start filing with ZenBusiness today.

Additional BOI Resources

• FinCEN BOI FAQ

• ZenBusiness BOI Filing Services

• Who’s Exempt from the Corporate Transparency Act?

• Corporate Transparency Act Deadlines for 2025

• A Guide to BOI Compliance

• BOI Filing for Small Businesses

• Completing the Beneficial Ownership Information Form

• State Requirements for Beneficial Ownership Reporting

• Beneficial Ownership Report Guide

Don’t wait—Delafield businesses must file their BOI reports before January 1, 2025, to remain compliant!