The Corporate Transparency Act (CTA) mandates businesses in Bedford, TX, to report Beneficial Ownership Information (BOI) to FinCEN, with a firm deadline of January 1, 2025, to enhance transparency and combat financial crimes.

As of today, 11-26-2024, Bedford business owners have 36 calendar days (or 27 business days) left to file their BOI reports with FinCEN—delays can result in penalties of $500 per day.

Action Steps for Bedford Businesses

1. Confirm Whether Your Business Must File

Deadline: ASAP
Corporations, LLCs, and similar entities typically need to file unless exempt (e.g., nonprofits, banks, or publicly traded companies).

2. Identify Beneficial Owners

Deadline: 12-10-2024
Beneficial owners include:

• Anyone holding 25% or more ownership

• Those with substantial control of the company

3. Prepare the Necessary Information

Deadline: 12-17-2024
You’ll need:

• Company details: Name, EIN, address

• Owner details: Name, address, birthdate, and ID documentation

4. Submit Your BOI Report

Deadlines:

• Existing companies: 01/01/2025

• Companies formed in 2024: File within 90 days

• Companies formed in 2025: File within 30 days

Learn how ZenBusiness can help simplify your BOI filing.

Key Details About BOI Filing

Who Needs to File?

Most corporations, LLCs, and similar entities must file BOI reports. For example, a Bedford-based tech consulting LLC qualifies unless exempt. Exemptions include banks, nonprofits, and public companies.

What Is a Beneficial Owner?

A beneficial owner is defined as:

1. Someone with substantial control over the company, or

2. Someone who owns 25% or more of its equity.

Example: In a Bedford catering company, a co-owner holding a 30% stake and involved in major business decisions qualifies as a beneficial owner.

What Information Is Required?

Both company and ownership details are necessary, including:

• Business information: Name, EIN, address

• Owner information: Names, addresses, birthdates, and ID numbers

How and When to File?

File electronically via FinCEN’s secure online system. Deadlines vary:

• Existing companies (pre-2024): File by 01/01/2025

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

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

What Are the Penalties?

Failing to file or providing false information could result in:

• Daily fines of $500

• Potential imprisonment
  FinCEN offers a 90-day safe harbor to amend filings without penalties.

ZenBusiness: A Reliable Partner for BOI Filing

ZenBusiness offers expert services to guide Bedford businesses through the BOI filing process, ensuring accuracy and saving time. Avoid penalties and start your filing today.

Additional Resources

• FinCEN BOI FAQ

• An Overview of the Corporate Transparency Act

• BOI Filing Step-by-Step Guide

Act now to meet the 01/01/2025 deadline and ensure compliance!