On Monday night at 6:35 PM the following email hit my inbox:
This from the email/announcement and here is a link to the FINCEN website:
Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions
In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:
Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
Given the overzealous $600 a day penalty for not filing we are taking this serious and letting you know AGAIN! We feel a little snake bit or the boy who cried wolf on this, but would rather you be informed on what’s going on than just stick our head in the dirt and say nothing.
Those that have filed … nothing you need to do … those that have not filed … We need to watch/monitor this due date, as we are unable to make any kind of estimate of whether this date will stick or not!
We have seen very little additional communications, certainly it is the holiday season and we were even tentative of sending this notice to you, but would rather have extra time, than be right up against the due date.
Our hope is that given the “on again off again” sloppy notification situation, this will again be called off … but we cannot make that call, and as of right now, the due date is Monday, January 13, 2025.
As a reminder, down in the weeds of filing, a best practices of getting a FINCEN ID and then attaching the ID to the actual filing seems to be the most efficient.
Have a great Holiday week Friday – Talk Next Week!
John A. Kvale CFA, CFP
AI Content Authenticity: All of the following text content has been completed by myself and has not been edited or created by AI. Occasionally we do use AI for images and will note when appropriate.
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
