After the U.S. Court of Appeals for the Fifth Circuit granted the government’s emergency motion to continue to enforce the Corporate Transparency Ac

FinCEN Extends Beneficial Ownership Information (BOI) Reporting Deadline

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2024-12-24 02:30:05

After the U.S. Court of Appeals for the Fifth Circuit granted the government’s emergency motion to continue to enforce the Corporate Transparency Act (CTA), FinCEN has extended the filing deadline.

Just before the holidays, a unanimous Fifth Circuit bench granted the government’s emergency motion to continue to enforce the Corporate Transparency Act (CTA). The ruling means that the preliminary nationwide injunction—which prevented the government from requiring companies to file beneficial ownership information (BOI) reports—is no longer in force.

Under the law as written, a reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial report. This is true even if the company was created years before 2024. That deadline has been extended to January 13, 2025.

A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company's creation or registration to file its initial report. However, under the relief granted by FinCEN, reporting companies created or registered on or after September 4, 2024, with a filing deadline between December 3, 2024 and December 23, 2024 now have until January 13, 2025 to file. Additionally, reporting companies created or registered on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days to file.