FinCEN Proposes to Extend Filing Deadline for Certain BOI Reports

On September 28, 2023, FinCEN published through the Federal Register a Notice of Proposed Rulemaking which seeks to amend the beneficial ownership information (BOI) reporting rule to extend the deadline to file initial BOI reports for entities created or registered on or after the rule's effective date of January 1, 2024, and before January 1, 2025. While this rule likely won't affect financial institutions directly, it will have a direct impact on business entity customers.

Under the new Reporting Rule, new businesses and other entities will be required to file initial BOI reports with FinCEN within 30 days of notice of their creation or registration. The proposed amendment would extend filing deadline from 30 days to 90 days for entities created or registered on or after January 1, 2024, and before January 1, 2025, to give those entities additional time to understand the new reporting obligation and collect the necessary information to complete the filing. Entities created or registered on or after January 1, 2025, would have 30 days to file their BOI reports with FinCEN, as required under the Reporting Rule.

The Notice of Proposed Rulemaking is found here.

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