On September 29, 2023, the Financial Crimes Enforcement Network (FinCEN) announced that it will open a 30-day comment period on whether to extend the current Beneficial Ownership Interest (BOI) reporting deadline from 30 to 90 days for entities created or registered on or after January 1, 2024, and before January 1, 2025. The extension would give those entities additional time to understand the new reporting obligation and collect the necessary information to complete the filing, enabling business owners to comply with this rule.
As previously reported, FinCEN’s BOI reporting standard will require nearly every business operating in the United States – including many in the rental housing industry – to register and report specific beneficial ownership information. FinCEN’s request for comments is an acknowledgment of the National Apartment Association (NAA) and industry partners’ advocacy efforts to highlight potential unintended consequences that the BOI Reporting rule will have on American businesses. NAA has actively engaged on the industry’s behalf to voice concerns, particularly in light of the incomplete development of FinCEN’s supporting BOI infrastructure including the yet-to-be-completed Beneficial Ownership Secure System, a secure information technology system aimed to protect the highly sensitive data of business owners.
NAA continues its federal regulatory advocacy efforts and worked with industry partners to submit comments on this important issue in advance of the October 30 deadline.
If you would like to learn more, please contact Joe Riter, NAA’s Senior Manager, Public Policy