On Wednesday, September 27, the Treasury Department announced a new proposed rule extending the deadline for companies formed in 2024 to comply with the Corporate Transparency Act's beneficial ownership and control reporting rules. The original regulations required that new entities must file electronic reports with FinCEN within thirty days of formation. The new rules propose giving new entities formed in 2024 ninety days to comply. Entities created before January 1, 2024, continue to have a one-year deadline to comply with the new reporting rules. All entities will also have thirty days to report updates when reported information changes.
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