The Corporate Transparency Act – Partial Delay
I think it will be helpful to provide a bit of background as timing of reporting requirements which were part of the original rule. For companies that were created on or before December 31, 2023, these companies will have until December 31, 2024 to submit the mandatory reporting information with FinCen. For companies that were created on or after January 1, 2024, these companies were to have thirty days to submit the mandatory reporting information with FinCen.
On September 27, 2023, FinCen initiated a request for a change to the mandatory reporting deadline; however, the change being requested is that companies created between January 1, 2024 and December 31, 2024 have ninety days to file the mandatory reporting information with FinCen instead of the originally planned thirty days. The requested rule change DOES NOT change that companies created prior to December 31, 2023 have until December 31, 2024 to submit the mandatory reporting information with FinCen and companies created after January 1, 2025 have the original thirty days to comply and submit the mandatory reporting information with FinCen.
Please look for additional articles to be published on the topic of the Corporate Transparency Act. If you have any questions regarding the Corporate Transparency Act or if you will need assistance in complying with the filing requirements, do not hesitate to be in contact.
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