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Dec 26, 2024
IMPORTANT UPDATE:
FinCEN Extends BOI Reporting Deadline
In light of the Fifth Circuit’s decision to reinstate the Corporate Transparency Act (CTA), the federal government has extended the January 1, 2025 reporting deadline. The government’s updated guidance, which was published by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), can be found on FinCEN’s Beneficial Ownership Information (BOI) website.
The most notable deadline extension applies to reporting companies created or registered prior to January 1, 2024. Those entities now have until January 13, 2025 to file their initial BOI Reports. That same extension applies to reporting companies created or registered on or after September 4, 2024 (i.e., entities that would have been required to file BOI Reports during the period in which the CTA was subject to a nationwide preliminary injunction). Reporting companies created or registered during the period spanning December 3, 2024 to December 23, 2024 will also enjoy a brief extension. According to FinCEN, those entities will have an additional 21 days from their original filing deadline to file their initial BOI Reports.
This story is rapidly evolving. In the coming days and weeks, we expect to see additional court challenges and a likely appeal to the Supreme Court of the United States. We will continue to monitor the situation and provide updates as they become available.
©2024
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