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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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More News & Press can be found in our Archive.
Panacea Payroll
3277 West Ridge Pike
Suite A101
Pottstown, Pennsylvania 19464
610-310-7615
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WE'RE SERIOUS ABOUT SECURITY
Staying resilient from malicious threats, cyber and physical, is critical in providing the exemplary value our clients expect from us. To do this, we integrate the National Institute of Standards and Technology's (NIST) Cybersecurity Framework that ensures our security procedures, policies, and infrastructure are up to the highest standard possible. Financial institutions, infrastructure management, defense, healthcare, and other heavily regulated industries that rely on stringent information safeguards use the NIST Cybersecurity Framework. We review our security policies and procedures frequently to ensure newly identified threat and vulnerability information is incorporated. Our network infrastructure and physical locations are continuously monitored for anomalies and uninvited guests. Additionally, our incident response and business continuity plans are tested frequently to minimize the likelihood of backup failures.
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