The Beneficial Ownership Information (BOI) reporting deadlines have undergone several changes due to recent legal developments. Here are the current key deadlines for BOI reporting:
Existing Companies
Reporting companies created or registered before January 1, 2024, now have until January 13, 2025, to file their initial BOI reports with FinCEN.
This is an extension from the original January 1, 2025 deadline.
Companies Created in 2024
- Reporting companies created or registered between January 1, 2024, and December 31, 2024, generally have 90 days from the date of formation to file their initial BOI reports.
- For companies created between September 4, 2024, and December 23, 2024, the deadline has been extended to January 13, 2025
- Companies formed between December 3, 2024, and December 23, 2024, have an additional 21 days from their original filing deadline to submit their initial BOI reports.
Companies Created in 2025 and Beyond
Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from the date they receive actual or public notice of their creation or registration to file their initial BOI reports.
Updates and Changes
Once an initial report has been filed, companies must file updates within 30 days of any change to their beneficial ownership information.
Current Status
It’s important to note that as of December 26, 2024, a federal court order has temporarily halted the enforcement of BOI reporting requirements.
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. More information is available at https://www.fincen.gov/boi
Given the ongoing legal challenges and potential for further changes, businesses should stay informed about the latest developments and consult with Business CFO for Hire to ensure compliance when and if the reporting requirements are reinstated.
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