The U.S. House of Representatives has proposed a one-year extension for the Beneficial Ownership Information (BOI) reporting deadline, aiming to provide businesses with additional time to comply with the Corporate Transparency Act (CTA). This proposal is part of the draft budget bill currently under consideration.
The American Institute of CPAs (AICPA) has expressed support for this extension, emphasizing the need for businesses to have adequate time to understand and meet the new reporting requirements. However, the extension’s fate remains uncertain, and businesses are advised to prepare for the possibility that the current deadlines will remain in effect.
Current BOI Reporting Deadlines
Entities Created Before January 1, 2024:
Required to file initial BOI reports by January 1, 2025.
Entities Created On or After January 1, 2024: Initially required to file within 30 days of formation; however, FinCEN has extended this deadline to 90 days for entities created in 2024.
Entities Created On or After January 1, 2025:
Must file BOI reports within 30 days of formation.
It’s important to note that FinCEN has granted limited extensions for businesses affected by recent natural disasters, such as hurricanes, providing additional time to submit BOI reports.
Implications for Businesses
Given the uncertainty surrounding the proposed extension, businesses should continue their preparations to meet the existing BOI reporting deadlines. Non-compliance can result in significant penalties, making it crucial for companies to understand their obligations under the CTA.
How Accupro Tax Can Assist
Navigating the complexities of BOI reporting can be challenging. At Accupro Tax, we specialize in helping businesses comply with regulatory requirements. Our team of experts is ready to assist you in understanding and fulfilling your BOI reporting obligations.
For detailed insights into the proposed BOI reporting deadline extension and its potential impact, refer to the Journal of Accountancy's article. Staying informed about such developments ensures your business is prepared for any regulatory changes.
Contact Us Today
Ensure your business remains compliant with the latest BOI reporting requirements. Contact Accupro Tax for personalized assistance and support.
*Note: This information is based on current legislative developments and is subject to change. Businesses should stay informed about any updates to BOI reporting requirements.*
