Monday, December 4, 2023

Hot off the Press: Changes in Reporting Deadlines for New Companies Formed in 2024

Frequent readers of entreVIEW know that, just a few months ago, I wrote this post detailing what entrepreneurs need to know about the reporting obligations of the Corporate Transparency Act. While that prior post detailed the “final rule” implementing beneficial ownership rules effective January 1, 2024, just late last week the Financial Crimes Enforcement Network (FinCEN) adopted an extension to the beneficial ownership information (“BOI”) reporting deadline for companies formed next year. The extension provides that reporting companies formed or registered in 2024 (and in 2024 only) will have some breathing room –90 calendars days, instead of the 30 calendar days, after receiving notice of their creation or registration to file their BOI initial reports!

But keep in mind that the Extension Rule only applies in the year of 2024 and to BOI initial reports only! Any reporting companies formed or registered either before January 1, 2024 (most of our readers) will need to file their initial report on or before January 1, 2025. Entities formed on or after January 1, 2025 will still be required to file the BOI initial reports within 30 calendar days of notice of their creation or registration. Additionally, if reporting companies need to file BOI updated or corrected reports even in 2024, they are required to do it within 30 calendar days. This chart provides a quick summary of initial reporting deadlines for all entities:

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