Guidance materials for complying with beneficial ownership information (BOI) requirements, especially for new companies that will be formed in the upcoming new year of 2024, have been updated by the Treasury’s financial crimes enforcement unit, the agency said Friday.
According to the Financial Crimes Enforcement Network (FinCEN), the updates were made to the BOI frequently asked questions (FAQs), small entity compliance guide, quick reference materials, and an informational video.
The guidance materials, FinCEN said, now reflect the reporting deadline extension for companies created or registered in 2024 to file their initial BOI reports. Updated translations of these guidance materials will be forthcoming. On Nov. 29, the agency announced the reporting extension for companies created in 2024. Those companies will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports, FinCEN announced.
The updates note the reporting deadline of Jan. 1 for many companies to report information about their beneficial owners—the individuals who ultimately own or control the company.