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Key Update: FinCEN Extends Deadline for Initial Beneficial Ownership Reports

Introduction: In a significant development for reporting companies, the Financial Crimes Enforcement Network (FinCEN) has announced an extension to the deadline for submitting initial beneficial ownership information (BOI) reports. This move is set to impact companies created or registered in 2024, offering them additional time to comply with the new regulations.

Details of the Extension: Under the new ruling, companies established or registered in 2024 will now have 90 calendar days from the date they receive notice of their creation or registration to file their initial BOI reports with FinCEN. Importantly, FinCEN will begin accepting these reports starting January 1, 2024, and not before.

Statement from FinCEN: FinCEN Director Andrea Gacki highlighted the positive implications of this extension. "This additional time frame is a significant benefit for new applicants and companies registered in 2024. It allows for a deeper understanding of this regulatory requirement and ensures accurate completion of the BOI reports," she stated.

Benefits of the Extension: The extension aims to provide newly formed companies sufficient time to familiarize themselves with the guidelines and educational resources available on FinCEN's BOI page. This period is also intended to help resolve any queries during the report preparation process. FinCEN anticipates that this measure will facilitate smoother compliance for these initial filings under the new requirement, ultimately contributing to the creation of a comprehensive and effective BOI database as mandated by Congress.

Ongoing Deadlines: It's important to note that companies created or registered before January 1, 2024, still have until January 1, 2025, to submit their initial BOI reports. Those established on or after January 1, 2025, will have a 30-day window for filing.

Further Assistance: Businesses seeking more information or assistance regarding the new reporting requirements can reach out to FinCEN through their contact page.

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