FinCen Reporting Deadlines for 2024: Formed Companies and Other CTA Updates
Published: April 25, 2024
The month of April marks four months in the realm of the new Corporate Transparency Act, signifying deadlines for companies formed this year to adhere to the 90-day window for filing their beneficial ownership reports with the Financial Crimes Enforcement Network (“FinCEN”). For companies formed in January, those deadlines are the month.
Companies formed as early as January 1, 2024, were expected to file their beneficial ownership reports no later than March 31, 2024, an extension from the initial deadline of 30 days. However, starting January 1, 2025, companies will have to adhere to a stricter 30-day window to file their beneficial ownership report.
Some business owners challenged the CTA in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), being one of the first cases to challenge the constitutionality of the Corporate Transparency Act. United States District Judge Liles C. Burke opines that, while “the law packs a significant regulatory punch,” the aim of Congress is to prevent financial crimes, which are more often than not a product of shell corporations. While this court struck down the law, on the Department of Treasury’s behalf, the Justice Department filed a Notice of Appeal on March 11, 2024. While proceedings are ongoing, companies are expected to continue to comply with the Corporate Transparency Act.