FinCEN: Dodge City Businesses Should File BOI Reports by 01/01/2025 to Avoid Possible Penalties
The Corporate Transparency Act (CTA) requires Dodge City, Kansas, businesses to file Beneficial Ownership Information (BOI) reports with FinCEN by January 1, 2025, to ensure compliance and combat financial crimes.
As of today, November 26, 2024, Dodge City businesses have 36 calendar days (or 26 business days) remaining to file their BOI reports with FinCEN—delaying could lead to steep fines of $500 per day.
Action Items for Dodge City Businesses
1. Confirm Whether You Need to File
Deadline: ASAP
"Reporting companies" include most LLCs, corporations, and similar entities, except exemptions like publicly traded companies, banks, and nonprofits.
2. Identify Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is defined as someone who:
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Exercises substantial control over the business, OR
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Holds 25% or more of the company’s ownership interests.
ZenBusiness can simplify the process of identifying beneficial owners for your business.
3. Gather Required BOI Data
Deadline: December 17, 2024
Prepare:
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Business info: Name, EIN, address.
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Beneficial owner info: Full names, dates of birth, addresses, and government ID numbers.
4. File Your BOI Report
Deadlines depend on formation date:
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Existing businesses: File by 01/01/2025.
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New businesses (2024): File within 90 days of formation.
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New businesses (2025 or later): File within 30 days of formation.
ZenBusiness can handle your BOI filing with ease—get started now.
Additional BOI Filing Insights
Who Must File?
Nearly all LLCs, corporations, and partnerships are required to file.
Example: A newly formed Dodge City restaurant registered as an LLC must file, while a nonprofit animal shelter is exempt.
What Defines a Beneficial Owner?
Beneficial owners are individuals who either:
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Control key business decisions, OR
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Own 25% or more of the company.
Example: The co-founder of a Dodge City tech startup with a 30% stake and decision-making authority is a beneficial owner.
What Information Is Required?
Reports must include:
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Business details: Legal name, EIN, and primary address.
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Owner details: Name, address, date of birth, and ID type/number.
How and When to File
BOI reports must be electronically submitted through FinCEN’s system. Deadlines depend on formation dates:
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Businesses formed before 2024: File by 01/01/2025.
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Businesses formed in 2024: File within 90 days of formation.
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Businesses formed after 01/01/2025: File within 30 days of formation.
Penalties for Missing Deadlines
Failure to comply or providing false information can result in:
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Fines up to $500 daily, maxing at $10,000.
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Potential imprisonment.
FinCEN allows a 90-day correction period for reporting errors.
Streamline Filing with ZenBusiness
ZenBusiness offers comprehensive support for BOI filing, from identifying beneficial owners to accurate submissions, saving you time and stress. Get started with ZenBusiness today!
Additional BOI Resources
Dodge City businesses—don’t wait until the last minute. File your BOI report today to stay compliant and avoid costly penalties!
Your input makes a difference! Take a few minutes to complete our BOI survey by December 18, 2024, and for every 25 responses, our Chamber will receive a $100 donation. [Take the survey here!] Thank you for supporting our Chamber and sharing your 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.
