When is the Beneficial Ownership Information report filing deadline?

The Financial Crimes Enforcement Network (FinCEN) has recently updated the deadlines for reporting companies filing Beneficial Ownership Information (BOI) reports under the new Corporate Transparency Act (CTA) legislation. The CTA, which goes into effect on January 1, 2024, aims to improve transparency surrounding company ownership.

Originally, reporting companies that were created or registered on or after January 1, 2024, had 30 days to file their BOI report. However, FinCEN announced on November 29, 2023, that the deadline had been extended to 90 days, providing new reporting companies with more time to understand the new legislation, compile the necessary information, and complete their filings.

If you’re a reporting company needing to make a BOI filing after the CTA comes into effect, check out the essential dates below so you don’t miss any deadlines.

1)    Reporting companies created/registered before January 1, 2024

Domestic companies created before January 1, 2024, and foreign entities registered to do business before this date must file their BOI report before January 1, 2025. This deadline has not changed, giving existing reporting companies an entire year to prepare their information and file reports.

2)    Reporting companies created/registered on or after January 1, 2024 but before January 1, 2025

Originally, reporting companies created or registered after January 1, 2024 had 30 days to file a report. FinCEN has now extended this deadline to 90 days, giving domestic and foreign reporting companies more time to complete and file their BOI reports.

FinCEN reasoning behind this extension is to give new reporting companies time to familiarize themselves with the CTA and BOI reports, and address any questions or issues that arise during the BOI filing process.

3)    Reporting companies created/registered on or after January 1, 2025

Reporting companies that are created or registered on or after January 1, 2025 will have 30 days to file their BOI report with FinCEN.

Are there additional updates to be aware of?

At this moment in time, no other changes have been made to the filing deadlines. It’s important to note that FinCEN will not accept BOI filings from reporting companies before January 1, 2024. Therefore, you should not attempt to file a report before this date, as it won’t be accepted. To find out more information, visit the FinCEN BOI page.

Discover how GEMS™ can help you prepare for the BOI filing

Computershare’s Global Entity Management System (GEMS), enables reporting companies to easily store and see all relevant data for their BOI filings while managing their overall entity framework.

Talk to us today to find out how GEMS can help you prepare for and comply with the CTA and BOI filings, as well as assist you with managing your overall entity compliance.