FinCEN expands some BOI Report filing timeline

On November 29, 2023, the Financial Crimes Enforcement Network (FinCEN) announced that it is extending the deadline for certain “reporting companies” to file initial Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA). The extension only applies to “reporting companies” that form (or, in the case of non-US “reporting companies,” register to do business in the US) during the 2024 calendar year. For those “reporting companies,” FinCEN has extended the deadline for filing the initial BOI report from within 30 days to within 90 days after the “reporting company’s” formation or registration.

For “reporting companies” formed or registered after December 31, 2024, the deadline for filing initial BOI reports will be within 30 days of formation or registration. For “reporting companies” in existence prior to the CTA’s January 1, 2024, effective date, the deadline for filing an initial BOI report continues to be 1 year from the CTA’s effective date.