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Corporate Transparency Act Takes Effect as FinCEN Extends BOI Reporting Deadline for Companies Newly Created or Registered in 2024

The long-awaited start has arrived for reporting of beneficial ownership information (“BOI”) under the Corporate Transparency Act (“the Act”). The Financial Crimes Enforcement Network (“FinCEN”) opened the new BOI E-Filing System for submissions starting on January 1. Reporting companies existing before January 1, 2024, still have until January 1, 2025, to file their BOI report, while reporting companies created or registered on or after January 1, 2024, now have ninety (90) days to file their BOI report rather than the original thirty (30) days provided for under the Act. This extension only applies through the end of 2024. Starting January 1, 2025, the deadline for newly created or registered companies reverts back to the thirty (30) days originally intended under the Act.

Not sure if your company is required to file? Read our previous post on this topic at http://live.rrlawpc.com/beneficial-ownership-information-reporting-to-begin-january-1-2024 or visit FinCEN’s website at https://www.fincen.gov/boi for additional guidance. Companies ready to start filing their BOI reports can access the filing system here - https://boiefiling.fincen.gov/.