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REMINDER - FinCEN Reporting Requirement 2024 - HR ALERTS

Updated: Jun 27

FinCEN Reporting Requirement 2024

2 people (man and woman) stand next to oversized letter. Man holds oversized pen
Effective: January 1st, 2024

As a reminder, effective January 1, 2024, your business may be required to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).


This requirement was implemented as a result of the 2021 Corporate Transparency Act (CTA) enacted by Congress, to collect information regarding business owners.


FinCEN launched the BOI E-Filing website for reporting BOI on January 1, 2024: https://boiefiling.fincen.gov


Vida HR published an article regarding this requirement in our January 2024 newsletter which includes detailed information about the requirement – see here


This new requirement applies to most companies, although there are exclusions, which can be found on the FinCEN website here: Beneficial Ownership Information | FinCEN.gov


Here are the reporting deadlines for employers:


  • A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.

  • A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.

  • A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.


If you are a Vida HR client and are not sure if your business is required to report, please contact your HR Business Partner for more information.

Get day-to-day updates on FinCEN Reporting Requirement 2024 visit the Vida HR Knowledge Center (Vida HR Clients Exclusive).

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