FinCEN Says Cape May, NJ Businesses Must File BOI Reports by 01/01/2025 to Avoid $500 Daily Fines

November 27, 2024


The Corporate Transparency Act (CTA) requires Cape May businesses to file Beneficial Ownership Information (BOI) with FinCEN, ensuring transparency to combat financial crimes such as money laundering and fraud.

As of today, 11-26-2024, Cape May, NJ business owners have 36 calendar days (or 27 business days) left to submit their BOI reports with FinCEN—act now to avoid fines of up to $500 per day.

 

 

Steps for Cape May Businesses to Stay Compliant

1. Check If Your Business Must File

Deadline: ASAP
Most corporations, LLCs, and similar businesses must comply unless exempt, such as banks, publicly traded companies, or charities.

2. Identify Your Beneficial Owners

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

  • Own 25% or more of the business, or

  • Exercise substantial control over operations.

3. Prepare the Required Information

Deadline: 12-17-2024
Gather the following details:

  • Business Information: Name, EIN, and address.

  • Owner Information: Full names, residential addresses, birthdates, and ID numbers.

4. File Your BOI Report

Deadlines:

  • Existing Companies (before 2024): File by 01/01/2025.

  • New Companies (2024): File within 90 days of creation.

  • New Companies (2025 or later): File within 30 days of creation.

ZenBusiness can simplify this process and ensure timely filing. Start now!

 

 

Important BOI Filing Details

Who Needs to File?

Most Cape May businesses, such as local bed-and-breakfasts or boutique shops, are required to file. Exemptions apply to specific entities like charities and banks. For instance, a family-owned beachfront café would need to comply.

What Is a Beneficial Owner?

A beneficial owner is anyone with significant influence over the business. This includes individuals who:

  1. Own at least 25% equity, or

  2. Control significant operations within the company.

For example, a local Cape May bakery co-owned by two siblings, one handling daily operations and another with 30% equity, would identify both as beneficial owners.

What Information Is Required?

The BOI report must include:

  • Company Details: Name, EIN, and principal business address.

  • Owner Information: Names, home addresses, dates of birth, and government-issued ID numbers.
    This information ensures FinCEN has a clear understanding of who controls the business.

How and When to File

BOI reports must be submitted electronically to FinCEN. Filing deadlines vary by company formation date:

  • Pre-2024 companies: File by 01/01/2025.

  • 2024 companies: File within 90 days of formation.

  • 2025 companies onward: File within 30 days of formation.

Penalties for Non-Compliance

Failing to file or submitting false information can lead to fines of $500 per day and potential imprisonment. However, FinCEN allows a 90-day window to correct errors without penalty.

 

 

Let ZenBusiness Help You File

ZenBusiness provides comprehensive BOI filing assistance, ensuring accuracy and compliance for Cape May businesses. Save time and avoid penalties with their expert guidance. File your BOI report today with ZenBusiness.

 

 

Additional Resources

Don't delay—ensure your Cape May business complies with the Corporate Transparency Act before the January 1, 2025, deadline.