NEW 90 Day Deadline for BOI FINCEN Report For Many Small Businesses in 2024

Overview of the new BOI (Beneficial Ownership Information) report requirement for small businesses.

 

Introduction to the Financial Crimes Enforcement Network (FinCEN) and its role.

Breaking News from the Federal Government

• Announcement of significant changes to the BOI report filing process starting January 2024.

 

Understanding the Original Rule

• Explanation of the original filing deadline for businesses created before and after January 1st, 2024.
• Initial requirement: 30 days from creation for new businesses to file the BOI report.

 

The New Change: Extended Deadline

• Extension of the deadline for businesses registered in 2024: Now 90 days to file the initial BOI report.
• Implications for businesses created in 2025: 30-day deadline remains.

 

Adapting to the New Report

• Discussion on the likelihood of further changes as the new report system launches.
• Importance of staying informed about future updates.

 

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Transcript of the Video

Hello from Freedom Tax Accounting. In this video, we have breaking news from the federal government regarding the new BOI report that many small business owners are going to have to file starting January 2024. The federal government just made significant changes to this new report, and we’re going to discuss it in this video.

Now, before we go to the changes, what’s going on? If you haven’t heard, starting January 2024, the federal government has a department called FinCEN (Financial Crimes Enforcement Network). This federal department wants a lot of small businesses to file a new report called the BOI report. It’s called The Beneficial Ownership Information report, where many small businesses are going to have to give a lot more information about the business owners to the federal government.

So, starting January 2024, what was the original rule? A lot of small businesses that have been created already before January 1st, 2024, the federal government wants you to file the BOI report by January 1st, 2025. So, if your business has been created before January 1st, 2024, there’s a chance that you have to file this report, and you have the entirety of next year to file that report. But the rule also said that any new business created from January 1st, 2024, forward, the original rule was that these new companies had 30 days from creation to file this new BOI report.

Now, what is the change? This is the change: this just came out. Basically, the federal government, FinCEN, is reporting that they’re extending the deadline for certain reporting companies to file their initial BOI report. Especially companies registered in 2024 will have now 90 days to file their BOI report. So, if for any company created in 2024, instead of having only 30 days after creation to file the new BOI report, now FinCEN is giving these new companies 90 days to file their initial BOI report.

It also says that for businesses created in 2025, that in 2025, they’re going to have 30 days. So basically, they’re giving 2024 like a phasing period, so people get used to their report. That is a big change on the BOI report. This new report is new, and I’m pretty sure a lot more changes are going to come, especially when this new report launches in January 2024. We will keep you informed on any changes, so subscribe to our channel because we are going to keep you up to date with any changes with the new BOI report.

Here at Freedom Tax Accounting, we will be providing that service for established businesses or for new businesses that need to file the BOI report. We will offer that service starting January 2024. I hope you have received valuable information in this video. If you have, like it and share it with another business owner. Thank you for watching. God bless you. Bye-bye.

 

I hope you have received valuable information in this video. If you have, like it and share it with another business owner that can take advantage of this information. Thank you for watching. God bless. Bye-bye.

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