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FinCEN Proposes Lengthening Reporting Period to 90 Days

Updated: Jan 25

In September 2023, the Financial Crimes Enforcement Network ("FinCEN") proposed amending its reporting requirements under the Corporate Transparency Act. FinCEN now recommends that the reporting period be changed from 30 days to 90 days for certain reporting companies.


In summary, if the proposed amendment is accepted, reporting companies formed before January 1, 2024 will have until January 1, 2025 to report. Reporting companies formed on January 1, 2024 through December 31, 2024 will have 90 days to report. And reporting companies formed on or after January 1, 2025 will have 30 days to report.


FinCEN has provided an FAQ here. If you are on the fence about when to form a new corporation or LLC, consider doing so by the end of 2023.

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