TheCorporateCounsel.net

John and Dave have blogged about FinCEN’s rules for reporting beneficial ownership information under the Corporate Transparency Act, which are effective January 1, 2024 and create new filing requirements applicable to a wide range of entities. As Dave shared when the final rules were issued, reporting companies created or registered before January 1, 2024 will have one year (until January 1, 2025) to file their initial reports, but under FinCEN’s original rule, reporting companies created or registered after January 1, 2024 would have had only 30 days after receiving notice of their creation or registration to file their initial reports. Last week, as reported by this McGuireWoods blog, FinCEN extended this original deadline:

On November 29, 2023, FinCEN extended the 30-day deadline to 90 calendar days for Reporting Companies created or registered on or after January 1, 2024 in order to give Reporting Companies more time to understand FinCEN’s reporting requirements and submit their BOI reports.

Reporting Companies created or registered prior to January 1, 2024, still have a calendar year from the Act’s effective date – until January 1, 2025 – to file their initial BOI reports.

For Reporting Companies created or registered on or after January 1, 2025, their initial BOI reports must be filed within 30 calendar days of receiving actual or public notice of their creation or registration becoming effective.

As a reminder, FinCEN will not accept BOI reports from Reporting Companies until January 1, 2024.

– Meredith Ervine