FinCEN’s BOI Reporting Deadline for Auburn Hills, MI Businesses: File by 01/01/2025 or Face Fines

Press Release

The Corporate Transparency Act (CTA) mandates certain businesses to report Beneficial Ownership Information (BOI) to FinCEN to enhance financial transparency and prevent illegal activities such as money laundering and tax evasion.

As of today, 11-26-2024, Auburn Hills business owners have 36 calendar days (or 27 business days) remaining to file their BOI reports with FinCEN—act quickly to avoid fines of $500 per day!

 

 

Action Items to Ensure Compliance

1. Confirm If Your Business Must File

Deadline: ASAP
Most corporations, LLCs, and similar entities are “reporting companies” required to file. Exemptions apply to banks, nonprofits, and publicly traded companies.

2. Identify Your Beneficial Owners

Deadline: 12-10-2024
Beneficial owners are individuals who either:

  • Own 25% or more of the business, or

  • Exercise substantial control over it.

3. Gather the Necessary Information

Deadline: 12-17-2024
Prepare the following:

  • Business name, address, and EIN

  • Full names, residential addresses, birthdates, and IDs for beneficial owners

4. File Your BOI Report

Deadlines:

  • Existing businesses: 01/01/2025

  • New businesses (2024): 90 days after formation

  • New businesses (2025+): 30 days after formation

Click here to see how ZenBusiness can streamline your BOI filing process.

 

 

Key Details About BOI Filing

Who Needs to File?

If your company is a corporation, LLC, or similar entity operating in Auburn Hills, it likely needs to file unless exempt (e.g., nonprofits or publicly traded businesses). For instance, a local manufacturing firm structured as an LLC would fall under these requirements.

What Is a Beneficial Owner?

Beneficial owners are individuals with 25% ownership or substantial control over the company. For example, in a family-owned café in Auburn Hills, the co-owners each holding 50% stakes must be reported as beneficial owners.

What Information Is Needed?

BOI reports require:

  • Business details: Name, address, EIN

  • Beneficial owner details: Full names, residential addresses, birthdates, and ID numbers
    The information ensures the government has transparency into ownership structures.

How and When to File

Reports must be filed electronically via FinCEN’s system. Deadlines depend on company formation dates:

  • Existing companies (before 2024): 01/01/2025

  • New companies (2024): 90 days after formation

  • New companies (2025+): 30 days after formation

Penalties for Non-Compliance

Failing to file or providing false information can result in fines of $500 per day and potential criminal charges. However, a 90-day safe harbor allows for corrections without penalties if mistakes are made in good faith.

 

 

ZenBusiness: Your Partner for BOI Compliance

ZenBusiness offers seamless solutions for identifying beneficial owners and filing BOI reports accurately and on time. Their expertise ensures compliance while saving time and avoiding penalties. Learn more about their services here.

 

 

Additional Resources

Ensure your Auburn Hills business complies with FinCEN's BOI requirements before the January 1, 2025 deadline!

FinCEN’s BOI Reporting Deadline for A...