TSCPA News

FinCEN Proposes BOI Reports Deadline Extension for Certain Companies

September 27, 2023

The Financial Crimes Enforcement Network (FinCEN) recently issued a Notice of Proposed Rulemaking (NPRM) to extend the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports.

FinCEN is proposing to amend its final BOI Reporting Rule to provide 90 days for reporting companies created or registered in 2024 to file their initial reports instead of 30 days from the earlier of the date on which the company receives notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice the company has been created or registered.

The proposed rule would not make any other changes to the final BOI Reporting Rule. Reporting companies created or registered before Jan. 1, 2024, would have until Jan. 1, 2025, to file their initial BOI reports with FinCEN, and entities created or registered on or after Jan. 1, 2025, would have 30 days to file their initial BOI reports.

FinCEN strongly encourages all interested parties to submit comments on the NPRM. Written comments should be submitted by Oct. 30, 2023.