BOI Update: Some Relief in Sight
Last updated on May 30, 2024
The Financial Crimes Enforcement Network (FinCEN) amended the Beneficial Ownership Information (BOI reporting rule to extend the deadline for filing certain BOI reports.
Excerpt from the regulation:
- Companies created or registered in 2024 will now have 90 days after they’re formed, up from the previous 30 days, to report their “beneficial ownership” information to Treasury’s Financial Crimes Enforcement Network (FinCEN).
- Pre-existing companies still have a year after the new requirements take effect Jan. 1 to file their initial reports.
