Corporate Transparency Act Update: FinCEN Extends Beneficial Ownership Reporting Deadline for Companies Formed or Registered in 2024

December 21, 2023 Corporate Governance & Compliance

On November 30, 2023, the Financial Crimes Enforcement Network (FinCEN) amended the beneficial ownership information (BOI) reporting rule extending the deadline for certain Reporting Companies to file their initial BOI report under the Corporate Transparency Act (“CTA”).[1]

Previously, the CTA guidelines required that Reporting Companies formed or registered on or after January 1, 2024, must submit a report within 30 days of the company’s formation or registration. FinCEN’s November extension has increased that deadline from 30 days to 90 days. Pursuant to this regulatory change, Reporting Companies created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days from the date of receiving actual or public notice that their creation or registration has become effective to file an initial BOI report.

The November 30, 2023, rulemaking does not affect the filing deadline for Reporting Companies created or registered before January 1, 2024 (which remains Jan. 1, 2025) or Reporting Companies created or registered after January 1, 2025 (which filing deadline remains within 30 days of receiving actual or public notice of their effective creation or registration). 

This extension was granted by FinCEN to provide Reporting Companies established or registered in 2024 with additional time to understand the statute, familiarize themselves with the new reporting requirements and collect the necessary information to complete the filing.

If you have any questions about the CTA, how it could affect your business, or require assistance in preparing a report pursuant to the CTA, please contact Chimuanya A. Osuoha, Esq. at cosuoha@lexnovalaw.com or call 856-382-8452

[1] BOI Reporting Rule Extension

The newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a lawyer.

About the Author

Chimuanya Osuoha is an Attorney at Lex Nova Law. She focuses her practice on corporate and business law matters. She has experience helping companies file for Woman Business Enterprise Certificates, and drafting employment agreements, asset purchase agreements, lease agreements, and corporate organizational documents for various entities. Read More.