PROPOSED RULE CHANGE TO CTA REPORTING:

Note from the Editor: NSTP recently provided a webinar on the Corporate Transparency Act (CTA) and the required beneficial ownership information reporting. It will soon be available online if you missed the live presentation.

The Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule extending the deadline for covered entities formed in 2024 to file their initial beneficial ownership information reports under the Corporate Transparency Act. The new deadline is 90 days after formation, an increase from the previous 30-day requirement. A news release was issued by the agency detailing the new proposed rule.

The proposed rule would not make any other changes to the final BOI Reporting Rule: reporting companies created or registered before January 1, 2024, would have until January 1, 2025, to file their initial BOI reports with FinCEN, and entities created or registered on or after January 1, 2025, would have 30 days to file their initial BOI reports.