Beneficial Ownership Information Reporting: Here We Go Again?
For small business owners and their compliance requirements under the Beneficial Ownership Information Reporting requirements under the Corporate Transparency Act, the band Soul II Soul may have said it best: “Back to life, back to the present tense...” The litigation see-saw over this law continues and it is now tilted toward compliance again. Here are the details:
In light of a December 23, 2024, federal Court of Appeals decision, reporting companies (which probably includes your company if you’re reading this) are once again required to 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, we have extended the reporting deadline as follows:
Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
That’s the latest. Stick with us and we’ll get you through this. We can help you comply for a flat fee as low as $149. Click here to get your company in compliance with the reporting requirements.
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