FinCEN’s BOI Reporting Deadline: Denver, Colorado Businesses Should Act by 01/01/2025 to Avoid Possible Fines
The Corporate Transparency Act (CTA) mandates Denver businesses to file Beneficial Ownership Information (BOI) reports with FinCEN by January 1, 2025, to enhance transparency and combat financial crimes.
As of today, November 26, 2024, Denver business owners have 36 calendar days (or 26 business days) to submit their BOI reports—act now to avoid fines of $500 per day!
Action Steps for Denver Businesses
1. Determine If You Need to File
Deadline: ASAP
Most corporations, LLCs, and similar entities are required to file, except exempt organizations like publicly traded companies and nonprofits.
2. Identify Beneficial Owners
Deadline: December 10, 2024
A beneficial owner is anyone who:
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Exercises substantial control over the company, OR
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Owns 25% or more of its shares.
ZenBusiness can help identify beneficial owners and simplify the filing process.
3. Collect Required Information
Deadline: December 17, 2024
Gather the following:
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Company details: Name, EIN, and address.
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Owner details: Names, residential addresses, dates of birth, and government ID numbers.
4. Submit Your BOI Report
Deadlines vary based on company formation date:
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Existing businesses: File by 01/01/2025.
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New businesses formed in 2024: File within 90 days of formation.
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New businesses formed in 2025: File within 30 days of formation.
ZenBusiness offers reliable BOI filing services to ensure compliance.
Key Details for Denver Business Owners
Who Must File?
All non-exempt businesses, including small LLCs and corporations, must report BOI. Exemptions apply to banks, charities, and publicly traded companies.
Example: A Denver tech startup formed before 2024 must file, while a nonprofit art gallery is exempt.
What Is a Beneficial Owner?
A beneficial owner:
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Controls operations, OR
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Holds at least 25% ownership.
Example: The owner of a Denver café with full decision-making power qualifies as a beneficial owner, along with a silent investor owning 30% of the business.
What Information Is Required?
Reports must include:
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Business details: Name, EIN, and address.
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Owner details: Full name, date of birth, address, and ID number.
Consequences of Non-Compliance
Failure to file or submitting false information can lead to:
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Fines of $500 per day, up to $10,000.
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Possible criminal penalties or imprisonment.
The 90-day safe harbor allows corrections without penalties.
Simplify Filing with ZenBusiness
ZenBusiness can streamline BOI reporting, ensuring accuracy and compliance while saving time and effort. Start your BOI filing with ZenBusiness today.
Additional Resources
Don’t let the January 1, 2025 deadline pass—Denver businesses, file your BOI report today!
Take our quick BOI survey by December 18, 2024 and support our Chamber! It only takes a few minutes, and for every 25 responses, our Chamber will receive a $100 donation. [Click here to take the survey now!] Thank you for your support!
*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.
