FinCEN Extends Beneficial Ownership Information Reporting Deadline by 30 Days (must file by March 21, 2025)

What Is the Beneficial Ownership Reporting Rule?

The BOI reporting rule, which came into effect on January 1, 2024, mandates that many businesses in the U.S. disclose information about their beneficial owners—individuals who ultimately own or control the company. The goal is to combat financial crimes such as money laundering, fraud, and tax evasion by increasing transparency in corporate ownership structures.

Who Benefits from the Deadline Extension?

The extension applies to newly created or registered reporting companies that are required to submit BOI reports within 90 days of their formation. Instead of the original 90-day deadline, these entities now have 120 days to comply. This adjustment only affects businesses formed between January 1, 2024, and December 31, 2024.

What do you need to file your BOI report?

1. Company Information

• Legal name of the company
• Trade name or DBA (if applicable)
• Current U.S. address of the company
• State, tribal, or foreign jurisdiction where the company was formed
• Taxpayer Identification Number (TIN), EIN, or foreign equivalent



2. Beneficial Owner Information (for each beneficial owner)

• Full legal name
• Date of birth
• Current residential address
• An identifying document (e.g., passport, driver’s license)
• A copy of the identifying document (front and back)

3. Company Applicant Information (if applicable)

• Same details as beneficial owners (name, DOB, address, ID document)
• Required for companies created after January 1, 2024
  

Key Takeaways for Business Owners

1. Check if You Are Required to Report – Most corporations, LLCs, and similar entities must file, but there are exemptions.

2. Understand the New Timeline – If your company was formed in 2024, you now have 120 days to file instead of 90. You must file your Beneficial Ownership Information Report before March 21, 2025.

3. File on Time to Avoid Penalties – Failure to comply can lead to significant fines or legal consequences of up to $593/day.

How to File?

You can electronically file the BOI report by clicking the link here.

For more details, click here: FinCEN’s official website.

How can Homesley & Wingo Law Group help?

If you need help with the filing process, our firm is available to assist you. For professional guidance, please feel free to contact us at consuela@lakenormanlaw.com or 704-664-2162 ext. 13.