On November 29, 2023, FinCEN issued a final rule that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Through the final rule, reporting companies created or registered in 2024 will now 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.
According to FinCEN, the 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. The deadline extension will also ease compliance for these first filers under the new reporting requirements and will promote the creation of a highly useful BOI database, as required by Congress.
Reporting companies created or registered before January 1, 2024, will continue to have until January 1, 2025, to file their initial BOI reports with FinCEN, and reporting companies created or registered on or after January 1, 2025, will continue to have 30 calendar days to file their initial BOI reports with FinCEN.
Read FinCEN’s announcement here.
The final rule can be found here.
