FinCEN proposes extending BOI reporting deadline for new companies

The Financial Crimes Enforcement Network today proposed extending the deadline for certain companies to file their initial beneficial ownership information reports during the first year of the new requirement, which takes effect Jan. 1, 2024. Under the proposed rule, the agency would give reporting companies created or registered in 2024 a total of 90 days from that creation or registration date to file their initial reports, instead of 30 days.

FinCEN noted the proposed rule would not make any other changes to BOI reporting requirements. Companies created or registered before the end of 2023 would still have until Jan. 1, 2025, to file their initial reports. Entities created or registered in 2025 and beyond would still only have 30 days.