Beneficial Ownership Information (BOI) Reporting Deadlines Extended to January 13, 2025

Please note: BOI reporting requirements are once again on hold as of Friday, December 27th, 2024.

The Financial Crimes Enforcement Network (FinCEN) has announced an extension of deadlines for most reporting companies towards Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This extension follows a recent court ruling on Monday, December 23rd, 2024, that reinstated the reporting requirements, which had been temporarily paused. The pause was the result of a prior court injunction that temporarily halted enforcement of these requirements on December 3rd, 2024.

The CTA requires reporting companies to disclose beneficial ownership details to FinCEN as part of efforts to enhance financial transparency and combat illicit activities. The recent court ruling from the Fifth Circuit Court of Appeals granted the Department of Justice (DOJ) a motion to lift the injunction, allowing FinCEN to extend the reporting deadlines to January 13th, 2025.

Updated Deadlines

FinCEN’s announcement outlined the following key deadlines:

• For Companies Created or Registered Before January 1st, 2024:
  • These companies now have until January 13th, 2025, to file their initial BOI reports (originally due January 1st, 2025).
• For Companies Created or Registered on or After September 4th, 2024:
  • Companies with filing deadlines between December 3rd, 2024, and December 23rd, 2024, now have until January 13th, 2025, to submit their BOI reports.
• For Companies Created or Registered on or After December 3rd, 2024, and on or Before December 23rd, 2024:
  • These companies have an additional 21 days from their original filing deadline to complete their BOI reports.
• For Companies Qualifying for Disaster Relief:
  • Deadlines may extend beyond January 13th, 2025, based on individual circumstances. These companies should abide by whichever deadline falls later.
• For Companies Created or Registered on or After January 1st, 2025:
  • These companies have 30 days to file their BOI reports after receiving an actual or public notice that their creation or registration is effective.

Compliance Moving Forward

The revised deadlines provide additional time for companies to meet their reporting obligations. Businesses impacted by these requirements should take steps to review and prepare their filings accordingly.

LMC professionals closely monitor the latest updates on the Corporate Transparency Act (CTA) and its beneficial ownership reporting requirements. We are committed to staying informed and sharing valuable insights to keep our clients up to date on any changes or new developments.

To assist businesses with these new requirements, LMC can complete the BOI filing on your behalf. If you are interested in this service, please contact us at BOI@lmcas.com.