FinCEN Reports Low Compliance for New BOI Reporting

The Financial Crimes Enforcement Network (FinCEN) reports that over 6.5 million reporting companies have now completed their beneficial ownership information reporting obligations. However, FinCEN estimates that about 32 million companies are actually required to report. That means the number of compliant companies is much lower than expected, with under two months left to comply for most companies that existed prior to 2024. FinCEN notes that the 6.5 million figure tracks fairly closely with the number of new companies created in 2024. Companies that were formed in 2024 have only 90 days from their creation date to file BOI reports. The reporting deadline for reporting companies created before 2024 is January 1, 2025. Companies formed in 2025 and beyond have just 30 days from their date of creation to comply. For more information on the new beneficial ownership reporting rules, visit Tax Facts Online. Read More: Link to Q8978.01.