The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced Thursday it had extended the deadline for certain companies to file initial beneficial ownership information (BOI) reports.
Companies created in or registered in 2024 will have 90 calendar days from the date of their creation or registration to file their initial reports, officials said. Reports will not be accepted prior to Jan. 1, 2024, the network said, and the 90 days starts with the date the companies received their notice of their creation or of their registration becoming effective.
“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.
Officials said the extension will give those companies created or registered in 2024 more time to familiarize themselves with the reports, and to resolve any questions that may arise as they complete their initial BOI reports. FinCEN said it anticipates the deadline will make compliance easier for first filers and will create a Congressionally-required database.
Companies created or registered before Jan. 1, 2024 will have until Jan. 1, 2025 to file their initial BOI reports, and reporting companies created or registered after Jan. 1, 2025 will have 30 calendar days to file their initial BOI reports.