Beneficial Ownership Information reporting under the 2021 Corporate Transparency Act has been extended to January 13, 2025. Under the CTA, an entity found to be a “reporting company” must report beneficial ownership or controller information of the company to the U.S. Department of Treasury through its Financial Crimes Enforcement Network (FinCEN). See 31 C.F.R. sec. 1010.380. Unless exempt, a reporting company is considered to be a Limited Liability Company or Corporation that was created by filing a document with the scretary of state or an Indian tribe. A foreign business concern that has registered to do business in a state or a tribal jurisdiction also may be a reporting company. If the reporting company was created or registered before January 1, 2024, the one-time reporting deadline was January 1, 2025, but has been extended to January 13, 2025. This extension is due to the U.S. Court of Appeals for the Fifth Circuit’s December 23, 2024, stay of the U.S. District Court for the Eastern District of Texas’s injunction of the CTA’s reporting requirement in Texas Top Cop Shop, Inc. v. Garland. If your business concern is created or registered after January 1, 2025, you will have 30 days from the date of registration to file the BOI report through FinCEN. Reporting requirements may be extended for companies that qualify for disaster relief. Only one BOI filing is required, but any updates or changes to the reporting company will require a subsequent BOI filing on FinCEN. PLGPC can provide reporting services for reporting companies to meet the extended deadline. If PLGPC creates and registers your LLC or corporation, we will report BOI through FinCEN as part of our Business Law services.
