FinCEN Extends Deadline for Initial BOI Reports:
Important Updates for 2024 Reporting Companies - 90

The Financial Crimes Enforcement Network (FinCEN) has announced an extension of the deadline for certain reporting companies to submit their initial Beneficial Ownership Information (BOI) reports. Reporting companies established or registered in 2024 will now have a grace period of 90 calendar days from the date they receive actual or public notice of their creation or registration becoming effective to file their initial reports.

This extension provides additional time for these reporting companies to acquaint themselves with the Corporate Transparency Act and FinCEN’s guidance, summarized by our team, and to address any questions that may arise.

For reporting companies established or registered before January 1, 2024, the deadline for filing their initial BOI reports with FinCEN is January 1, 2025. On the other hand, reporting companies created or registered on or after January 1, 2025, will be required to submit their initial BOI reports within 30 calendar days after receiving actual or public notice of their creation or registration becoming effective.

It’s important to note that FinCEN will not accept BOI reports from reporting companies until January 1, 2024.