New Deadline for Beneficial Ownership Information Reporting: What Business Owners Need to Know
A Fifth Circuit Court of Appeals ruling on Monday December 23rd has now lifted the December 3rd injunction against the Corporate Transparency Act (CTA) and its reporting requirements, reinstating the initial deadline for filing beneficial ownership information (BOI) reports. The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for most reporting companies to file BOI reports to January 13, 2025.
Context of the Extension
The CTA, enacted in 2021 to combat money laundering, mandates reporting companies to disclose information about their beneficial owners. A December 3 district court ruling temporarily blocked enforcement of the CTA, but the Fifth Circuit lifted the injunction, citing strong governmental arguments for the law’s constitutionality.
The deadline extension provides companies additional time to comply after the injunction caused uncertainty.
Key Updates on BOI Report Filing Deadlines
General Extension: Companies created or registered before January 1, 2024, now have until January 13, 2025, to submit their initial BOI reports.
Special Extensions: Companies created or registered between September 4, 2024, and December 23, 2024, have until January 13, 2025, to file. Companies registered between December 3, 2024, and December 23, 2024, are granted an additional 21 days from their original deadline.
Disaster Relief: Companies eligible for disaster relief may have extended deadlines, but these must align with the later applicable date.
New Companies in 2025: Entities registered on or after January 1, 2025, must file BOI reports within 30 days of creation or registration.
How We Can Help
Follow us and check back for updates as litigation over the CTA continues, and further changes may arise. For now, the January 13, 2025, deadline marks the new compliance target for most entities. If you have any questions on how to get your BOI Report filed, the Visibility team is here to help. Please reach out!
