The Financial Crimes Enforcement Network (“FinCEN”) has recently reinstated and extended the deadline for entities to file beneficial ownership information. This change comes after a federal appeals court lifted a nationwide injunction against the reporting requirements.
At first, the reporting deadline was set for January 1, 2025. However, a Texas judge issued a temporary injunction on December 3, 2024, pausing the requirement. On December 23, 2024, the Fifth Circuit Court of Appeals granted the government’s request for an immediate stay, lifting the injunction and extending the reporting deadline to January 13, 2025.
Key Deadlines
- Companies created or registered before January 1, 2024: Deadline extended to January 13, 2025.
- Companies created or registered between September 4 and December 23, 2024: Deadline extended to January 13, 2025.
- Companies created or registered between December 3 and December 23, 2024: An additional 21 days from the original deadline.
- Newly created companies from January 1, 2025: 30 days after receiving registration notice.
The reinstatement of the reporting requirement means that most companies must submit beneficial ownership information by the new deadlines. Failure to comply can result in penalties and legal consequences.