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FinCEN Extends Deadline for Companies Created or Registered in 2024 to File Beneficial Ownership Information Reports

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On November 29, 2023, the United States Department of the Treasury Financial Crimes Enforcement Network (FinCEN) announced and issued a final rule to amend the Reporting Rule to implement the Corporate Transparency Act (CTA) that extends the deadline for certain reporting companies that were created or registered in 2024 to file their initial beneficial ownership information (BOI) reports with FinCEN. The deadline for these reporting companies created or registered in 2024 to file the initial reports will be ninety calendar days from the effective date of receiving actual or public notice of their creation or registration becoming effective.

This extension will give reporting companies created or registered in 2024 valuable extra time to understand their new regulatory obligations and obtain the information required to file their BOI reports. The additional time also provides these companies more time to become familiar with the guidance and educational materials on FinCEN’s website, and to resolve questions that may arise in the process of completing their initial BOI reports.

Entities created or registered on or after January 1, 2025, will still have thirty calendar days from notice of their creation or registration to file their BOI reports with FinCEN. Additionally, reporting companies created or registered before January 1, 2024, will still have until January 1, 2025, to file their initial BOI reports with FinCEN. FinCEN updated its BOI Frequently Asked Questions, Small Entity Compliance Guide, quick reference materials, and informational video to reflect the reporting deadline extension.

Reprinted with permission from the American Bar Association’s Business Law Today December Month-In-Brief: Business Regulation & Regulated Industries.

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FinCEN Invites Comment on Final Beneficial Ownership Information Reporting Rule

February 2, 2023

On January 17, 2023, the Financial Crimes Enforcement Network (“FinCEN”) published a notice inviting comment on the Beneficial Ownership Information Reporting Requirements final rule (“Final BOI Reporting Rule”) that was published on September 30, 2022. Interested parties are invited and welcome to submit comments on or before March 20, 2023.