Source: Bradford Tax Institute
The Fifth Circuit Court of Appeals immediately reinstated FinCEN BOI filing requirements. But there’s good news—later yesterday, the Treasury Department extended key deadlines to allow more time for compliance.
Here’s what you need to know:
New January 13, 2025 Deadline
- Reporting entities created with a state secretary of state filing before January 1, 2024, must file by January 13, 2025 (instead of January 1, 2025).
- Entities created with a state secretary of state filing between September 4, 2024, and December 23, 2024, whose filing deadline fell between December 3, 2024, and December 23, 2024, have until January 13, 2024.
Additional Extensions
- Entities created with a state secretary of state filing between December 3, 2024, and December 23, 2024, get an extra 21 days from their original filing deadline.
- Disaster relief extensions. Entities qualifying for disaster relief should use the later of January 13, 2025, or the relief date.
Regular Deadlines Resume
Entities created with a state secretary of state filing on or after January 1, 2025, have 30 days to file once their registration is effective.
Why Compliance Matters
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.