
Beneficial Ownership Information (BOI) Reporting Reinstated, Deadlines Extended
On December 23, 2024, a federal Court of Appeals lifted a preliminary injunction on the Beneficial Ownership Information (BOI) filing requirements, allowing FinCEN to enforce BOI reporting.
Reporting companies must file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, it has extended the reporting deadline as follows:
- For companies created or registered before 2024, the filing deadline was extended from December 31, 2024, to January 13, 2025.
- For companies created or registered on or after September 4, 2024, the filing deadline was extended from December 3, 2024, to January 13, 2025.
- For companies created or registered on or after December 3, 2024, and on or before December 23, 2024, the filing deadlines were extended an additional 21 days from the regular filing deadlines.
- Companies that qualify for disaster relief may have deadlines extended beyond January 13, 2025. These companies should follow whichever deadline is later.
- Companies created or registered in the United States on or after January 1, 2025, have 30 days to file their initial reports after receiving notice that their creation or registration is effective.
Companies should work with their legal counsel to determine their filing obligations under the new BOI reporting rules. The Corporate Transparency Act is a separate federal law that is not part of the tax code. Assessing the reporting requirements and identifying beneficial ownership interests may necessitate legal advice. As such, Yeo & Yeo will not assist with determining filing obligations or filing the BOI report.
Where can you learn more?
Refer to the following resources to learn more about BOI reporting:
- Visit fincen.gov/boi and sign up for FinCEN updates to receive immediate email updates on BOI reporting.
- FinCEN’s five-minute video, How to File a BOI Report
- Contact your attorney or legal counsel with expertise in this area for additional guidance.