We live in crazy times. The Fifth Circuit Court of Appeals reinstated FinCEN BOI reporting immediately (today, December 23, 2024). Initially, that meant you had until midnight, December 31st, to have your report on file with FinCEN. However, FinCEN stepped up to the plate and extended the deadline for a short time.
Failure to file can result in severe penalties, including:
- $591 per day in civil penalties,
- $10,000 in criminal penalties, and
- up to two years in prison.
Key deadlines to know:
- January 13, 2025: For entities existing as of January 1, 2024.
- Within 30 days of formation: For entities formed in 2025.
- Within 30 days of a change: For updates to previously reported information.
- Within 90 days of formation: For new entities formed in 2024 (however, see the modification below)
There are several other extensions/deadlines:
- Reporting companies created or registered 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; and
- 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.
- The deadline for those businesses formed after 2024 remains 30 days from formation.
I have posted previously regarding this new filing requirement, so if you own a corporation, partnership, or operating trust, pay close attention to this new law. You file your report online. Remember—midnight December 31st is the deadline for companies formed before January 1st, 2024.
The deadline for those businesses formed after 2024 remains 30 days from the time of formation.