Corporate Transparency Act Update: FinCEN Extends Beneficial Ownership Reporting Deadline to 90 Days for New 2024 Entities

Miller & Martin PLLC Alerts | December 20, 2023

The Financial Crimes Enforcement Network (“FinCEN”) issued a final rule on November 29, 2023, that extends the deadline for reporting companies to file their initial beneficial ownership reports. The rule extends the filing deadline from 30 calendar days to 90 calendar days for entities formed or registered during calendar year 2024. The rule was issued to provide filers with additional time to understand the new reporting obligation and collect the necessary information to complete their filings.

Reporting companies formed or registered before January 1, 2024, will continue to have until January 1, 2025, to file their initial beneficial owner reports with FinCEN. Reporting companies formed or registered on or after January 1, 2025, will continue to have 30 calendar days to file their initial beneficial owner reports with FinCEN.

For more information about the Corporate Transparency Act requirements and exemptions, please refer to our previous alert:  The Corporate Transparency Act is Coming: What You Need to Know About Compliance.”

We Can Help

For more information about the Corporate Transparency Act, contact any of the members of our Corporate Transparency Act Working Group, which includes Evan Sharber, Matt Jannerbo, Bruce McCall, Mike Marshall, and Alan Madison

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The information and opinions in this bulletin are intended for general guidance only and do not constitute legal advice or a solicitation to provide legal services. This communication does not create a lawyer-client relationship and is not intended as a recommendation for specific situations. As always, readers should consult a qualified attorney for legal guidance. Should you need assistance from a Miller & Martin attorney, please call 1-800-275-7303. Miller & Martin will not be responsible for advising clients of whether they are subject to the Corporate Transparency Act or with respect to their obligations under the Corporate Transparency Act unless we agree (or have already agreed) in writing to the lawyer-client relationship and agree in writing to a scope of services related to the Corporate Transparency Act.