Main Point: FinCEN has extended the deadline for reporting companies created or first registered in 2024 to provide them with additional time to understand and adhere to regulatory requirements.
FinCEN New Regulation
Starting on January 1, 2024, a new law about the reporting of beneficial ownership information (BOI) will come into effect under the Corporate Transparency Act.
Initially, this rule mandated that any domestic reporting company established on or after January 1, 2024, or any foreign reporting company first registered on or after January 1, 2024, must submit their initial beneficial ownership information report to the Financial Crimes Enforcement Network (FinCEN) within 30 calendar days of being notified about their creation or registration.
However, on November 29, 2023, FinCEN issued a final rule extending the deadline for filing the initial beneficial ownership information reports.
FinCEN’s Deadline Extension
This extension applies to domestic and foreign reporting companies created or registered to conduct business in the United States between January 1, 2024, and January 1, 2025. Instead of the original 30-day deadline, they have 90 calendar days from receiving notification of their creation or registration to file these reports.
FinCEN made this extension to give these companies more time to familiarize themselves with the new reporting requirements and gather the necessary information for their submissions. It’s important to note that other deadlines for initial reports remain unchanged.
To get started with this new regulation, file your BOI report using FincenFetch Direct, a platform designed to make the reporting process easier. FincenFetch offers reporting companies a convenient and efficient way to submit their beneficial ownership information (BOI) reports.
FincenFetch Direct provides:
- Step-by-step guidance.
- Automated checks to help ensure accuracy.
- The ability to track the progress of submissions.
- Real-time progress tracking
- Responsive support
- User-friendly interface
- Enhanced transparency
- Efficient reporting
- Personalized support
This tool assists businesses and organizations in meeting their reporting obligations promptly and accurately. Get started with the Exemption tool and follow the prompts on you screen.
As of January 1, 2024, the following timelines apply for initial BOI reports:
- Domestic reporting companies created between January 1, 2024, and January 1, 2025:
They must file their initial reports within 90 calendar days of either receiving actual notice of their creation’s effectiveness or the date when a secretary of state or a similar office first publicly announces the company’s creation. - Domestic reporting companies created on or after January 1, 2025:
They need to file their initial reports within 30 calendar days of either receiving actual notice of their creation’s effectiveness or the date when a secretary of state or a similar office first publicly announces the company’s creation. - Foreign reporting companies that first registered to do business in the U.S. between January 1, 2024, and January 1, 2025:
They are required to submit their initial reports within 90 calendar days of either receiving actual notice of their registration to do business or the date when a secretary of state or a similar office first publicly announces their registration. - Foreign reporting companies that first registered to do business in the U.S. on or after January 1, 2025:They must file their initial reports within 30 calendar days of either receiving actual notice of their registration to do business or the date when a secretary of state or a similar office first publicly announces their registration.
- Domestic reporting companies created before January 1, 2024:
They must submit their initial reports by January 1, 2025. - Foreign reporting companies first registered to do business in the U.S. before January 1, 2024:
They are required to file their reports no later than January 1, 2025.
All other filing deadlines remain unchanged. Updated reports must still be filed within 30 calendar days after any changes occur, and corrected reports must be filed within 30 calendar days after the reporting company becomes aware of or has reason to know of any inaccuracies.
Learn More FinCEN Report Filing
For more information and to set up your account to begin your BOI report filing process, please visit FincenFetch.
