24
Dec 2024
FinCEN Extends BOI Reporting Deadline to 1/13/2025
Following a significant federal Court of Appeals decision on December 23, 2024, the Financial Crimes Enforcement Network (FinCEN) has once again mandated that reporting companies file Beneficial Ownership Information (BOI). However, recognizing the confusion and delay caused by a recent preliminary injunction, FinCEN has graciously extended the deadline for compliance.
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Here’s how it breaks down:
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- Companies Created or Registered Before January 1, 2024: You now have until January 13, 2025 to file your initial beneficial ownership information reports. This is an extension from the original January 1, 2025 deadline.
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- Companies Created or Registered Between September 4, 2024, and December 23, 2024: If your filing deadline fell between December 3, 2024, and December 23, 2024, you’ve been granted an extension to January 13, 2025.
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- Companies Created or Registered Between December 3, 2024, and December 23, 2024: You get an additional 21 days from your original deadline to submit your reports.
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- Companies Qualifying for Disaster Relief: If you qualify, your deadline might extend beyond January 13, 2025. You should follow the later of the two deadlines provided.
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- New Companies Post-January 1, 2025: You will still have 30 days from the notice of your company’s creation or registration to file.
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A Brief History of Recent Developments
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The drama began on December 3, 2024, when the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction in the case of Texas Top Cop Shop, Inc. v. Garland, putting a temporary halt on the CTA’s requirements. However, this was overturned when the U.S. Court of Appeals for the Fifth Circuit granted a stay on December 23, 2024, effectively reinstating the CTA requirements while the appeal process continues.
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The CTA has been contested in various courts across the U.S., with mixed outcomes. While some courts have sided with FinCEN, affirming the constitutionality of the CTA, the ongoing debate ensures that this issue remains in the public and legal eye. The Department of Justice, representing the Department of the Treasury, is actively appealing the Texas decision, maintaining the stance that the CTA is indeed constitutional.
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What Does This Mean for You?
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If your company falls into any of the categories above, you’ve got a bit more time to organize your beneficial ownership information and submit it to FinCEN. This extension should provide some relief and time for those who were caught off-guard by the legal back-and-forth. Make sure to use this time wisely to comply with these regulations, as non-compliance can lead to significant penalties.
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(This is Blog Post #1673)