Understand what proposed changes to the 2024 independent contractor rule means for your business and
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Tax Byte
The Financial Crimes Enforcement Network (FinCEN) today issued proposed regulations to extend the deadline for certain entities to file their initial beneficial ownership information (BOI) reports. Under the amendment to FinCEN’s BOI Reporting Rule, it is now providing 90 days for reporting companies created or registered in 2024 to file their initial reports, instead of 30 days.
The proposed rule would not make any other changes to the final BOI Reporting Rule:
- reporting companies created or registered before January 1, 2024, would have until January 1, 2025, to file their initial BOI reports with FinCEN, and
- entities created or registered on or after January 1, 2025, would have 30 days to file their initial BOI reports.
For more background on the controversial BOI rule and helpful resources, check out last week’s Tax Byte HERE.
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