FinCEN Extends Beneficial Ownership Information Reports Deadline for Certain Companies
The Financial Crimes Enforcement Network (FinCEN) recently issued a final rule that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN.
Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports. FinCEN will not accept BOI reports from reporting companies until Jan. 1, 2024; no reports should be submitted to FinCEN before that date.
This extension will give reporting companies created or registered in 2024 more time to become familiar with the guidance and educational materials located at https://www.fincen.gov/boi and to resolve questions that may arise in the process of completing their initial BOI reports. FinCEN also anticipates that this deadline extension will make compliance easier for these first filers under the new reporting requirement and will promote the creation of a highly useful BOI database, as required by Congress.
Reporting companies created or registered before Jan. 1, 2024, will continue to have until Jan. 1, 2025, to file their initial BOI reports with FinCEN, and reporting companies created or registered on or after Jan. 1, 2025, will continue to have 30 calendar days to file their initial BOI reports with FinCEN.
Businesses with questions about the upcoming reporting requirements may contact FinCEN at https://www.fincen.gov/contact.