BOI Reporting Requirements Now in Effect, with Deadline Extensions
Following the United States Court of Appeals for the Fifth Circuit's order staying the nationwide preliminary injunction of the Corporate Transparency Act ("CTA") pending appeal, the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN") has posted an alert instructing that beneficial ownership information ("BOI") reporting requirements are now in effect, with deadline extensions.
The new deadlines are as follows:
- Reporting companies created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial BOI reports with FinCEN.
- Reporting companies created or registered on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial BOI reports with FinCEN.
- Reporting companies created or registered on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial BOI reports with FinCEN.
- Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
- Reporting companies that are created or registered on or after January 1, 2025 have 30 days to file their initial BOI reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
- Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
Reporting companies shall comply with the CTA and file any required reports with FinCEN by the applicable updated deadlines.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
