Tuesday, December 3, 2024   |   View in browser

BOI Report Due by January 1st

The City of Evanston Economic Development Divison would like to remind you that under the Corporate Transparency Act (CTA), businesses are required to file their Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. This report will help ensure transparency and assist in combating financial crimes such as money laundering and fraud. It requires businesses to disclose information about their beneficial owners, who are the individuals who ultimately own or control the company.

All businesses entities registered with the Illinois Secretary of State's Department of Business Services are required to file. Failure to comply by the deadline may result in significant penalties, including fines and potential legal consequences.

• Learn More: View the ILSOS BOI Webinar and their website
• To File: Businesses can file their BOI Report online through the FinCEN portal. Please visit FinCEN’s website for more information, including filing instructions and requirements.
• For Assistance: The ILSOS has partnered with  Illinois Department of Commerce and Economic Opportunity’s (DCEO) Small Business Development Centers (SBDCs).