Beneficial Ownership Information Deadline Extended for New Companies

In a significant development for financial reporting, the Financial Crimes Enforcement Network (FinCEN) has announced a crucial deadline extension for reporting companies. This update allows reporting companies created or registered in 2024 an additional 90 calendar days from the time they receive their documents from the Secretary of State (or other public notice of creation) to file their initial Beneficial Ownership Information (BOI) reports with FinCEN.

FinCEN Director Andrea Gacki emphasized the far-reaching benefits of this deadline extension. The extension is designed to provide valuable extra time for companies to understand the requirements of this new regulatory obligation and gather the essential information needed for their BOI reports.

It's important to note that FinCEN will only start accepting BOI reports from reporting companies beginning January 1, 2024—no submissions can be made before this date. This extension is expected to simplify compliance for the inaugural filers under the new reporting requirement and foster the development of a comprehensive BOI database, in accordance with Congressional mandates. Read the full announcement from FinCEN here. 

For more information about the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting requirements, take a look at our CTA FAQs page. We will continue to keep this page updated with the most recent information.