Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

FinCEN Extends Corporate Transparency Act Reporting Deadline for New Companies

S.J. Steinhardt
Published Date:
Nov 30, 2023

iStock-172409986 Corporate Building Dollar Sign Money Finance

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) is extending the deadline for companies created or registered after Jan. 1., 2024, to file their initial beneficial ownership information (BOI) reports under the terms of the Corporate Transparency Act of 2021. These entities originally had to file initial BOI reports with FinCEN within 30 calendar days of notice of their creation or registration. The new amendment extends that filing deadline to 90 calendar days.

Under the Corporate Transparency Act, many companies will be required to file BOI reports to the U.S. government disclosing who ultimately owns and controls them.

The amendment states, "The extension will give those entities additional time to understand the new reporting obligation and collect the necessary information to complete their filings." It will also give reporting companies created or registered in 2024 more time to become familiar with the relevant guidance and educational materials, and to resolve questions that may arise in the process of completing their initial BOI reports. Entities created or registered on or after Jan. 1, 2025, will continue to have 30 calendar days from notice of their creation or registration to file their BOI reports with FinCEN.

Reporting companies created or registered before Jan. 1, 2024—i.e., existing companies—will continue to have until Jan. 1, 2025, to file their initial BOI reports with FinCEN.

“This deadline extension will have significant benefits and will provide valuable extra time for company applicants and for reporting companies created or registered in 2024 to understand this new regulatory obligation and obtain the required information to file their BOI reports,” FinCEN Director Andrea Gacki said in a statement.

FinCEN will not accept BOI reports from reporting companies until Jan. 1, 2024, and no reports should be submitted to FinCEN before that date.

Click here to see more of the latest news from the NYSSCPA.