House Passes BOI Reporting Bill Changes

[Lee B]

Copied from currentfederaltaxdevelopements.com:

 

"Before going on holiday break, the United States House of Representatives passed HR 5119, the Protect Small Business and Prevent Illicit Financial Activity Act, by a vote of 420-1.

The bill can be found at https://www.congress.gov/bill/118th-congress/house-bill/5119/text.

Changes to Initial Filing Deadlines

The bill would make the following changes to the initial filing deadlines under the Corporate Transparency Act:

The initial filing date for entities in existence before January 1, 2024 would be pushed back to January 1, 2026, two years after the effective date of the final rule for reporting. This is one year later than under FinCEN's current final rule.

The initial filing date for entities formed during 2024 would be 90 days after the entity’s formation. This is the same as under FinCEN's current final rule.

The initial filing date for entities formed after 2024 would be 90 days after the entity’s formation. This is 60 days later than would have been required under FinCEN's current final rule. [31 USC §5336(b)(1)(B) and (C) as revised]."

 

I really hope this bill gets signed into law