BusinessPostCorner.com
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

FinCEN extends deadline for new companies to file beneficial ownership reports

November 29, 2023
in Accounting
Reading Time: 3 mins read
A A
0
FinCEN extends deadline for new companies to file beneficial ownership reports
ShareShareShareShareShare

The Treasury Department’s Financial Crimes Enforcement Network said Tuesday it’s extending the deadline for new reporting companies to file their initial beneficial ownership information reports. However, the extension doesn’t apply to existing companies.

FinCEN said that reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports, as opposed to the original deadline of 30 days.

For existing companies, the deadline is still set to take effect on Jan. 1, 2024.

The beneficial ownership reporting requirement was mandated by the Corporate Transparency Act of 2021. It requires corporations, LLCs and other entities formed under state law or foreign law and registered to do business in the U.S. to report their true ownership to FinCEN.

The goal is to deter money laundering, corruption, drug and human trafficking, and other illicit activity, but many companies have been unprepared to meet the new requirements, and the American Institute of CPAs and other business trade associations have been asking for a delay in the deadline for the requirements.

The U.S. Treasury building in Washington, D.C.

Samuel Corum/Bloomberg

FinCEN said the extension would give companies created or registered in 2024 more time to become familiar with its guidance and educational materials at https://www.fincen.gov/boi, and to resolve questions that may arise in the process of completing their initial BOI reports. 

Companies created or registered before Jan. 1, 2024, will have until Jan. 1, 2025, to file their initial BOI reports with FinCEN, while those created or registered on or after Jan. 1, 2025, will have 30 calendar days to file their initial BOI reports after receiving actual or public notice of their creation or registration becoming effective.

FinCEN said it will not accept BOI reports from reporting companies until Jan. 1, 2024, so no reports should be submitted before then.

Credit: Source link

ShareTweetSendPinShare
Previous Post

US accuses Indian official in foiled plot to kill Sikh separatist in New York City

Next Post

Can generative AI solve the professional burnout problem?

Next Post
Can generative AI solve the professional burnout problem?

Can generative AI solve the professional burnout problem?

U.S. economy will be growing faster than 3% this time next year, predicts Treasury’s Bessent 

U.S. economy will be growing faster than 3% this time next year, predicts Treasury’s Bessent 

May 26, 2025
Chinese students shaken by US visa crackdown look for Plan B

Chinese students shaken by US visa crackdown look for Plan B

May 31, 2025
US stocks post biggest monthly rally since 2023

US stocks post biggest monthly rally since 2023

May 30, 2025
Treasury sells final NatWest shares 17 years after bailout

Treasury sells final NatWest shares 17 years after bailout

May 30, 2025
Plans for banking hub to open in Crowthorne church building

Plans for banking hub to open in Crowthorne church building

May 30, 2025
What makes a good website? Here are 16 things I look at [new data]

What makes a good website? Here are 16 things I look at [new data]

May 28, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Bitcoin Price Prediction: 4K – BTC Price Correction or Breakout Reloading?

Bitcoin Price Prediction: $104K – BTC Price Correction or Breakout Reloading?

June 1, 2025
Fixed-wing flying car nears production, bringing ‘Jetsons’ future a step closer

Fixed-wing flying car nears production, bringing ‘Jetsons’ future a step closer

June 1, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!