FinCEN has released new and updated FAQs regarding the beneficial ownership information (BOI) reporting requirements for entities that dissolve prior to their initial BOI reporting due date. The FAQs clarify:
- Reporting companies formed after 2023 must file their BOI reports even if they dissolve before their initial filing due date (90 days from date of formation for those entities formed in 2024 and 30 days for entities that form after 2024);
- These entities must still file their initial report, but there is no reporting requirement to file an additional report to report that the company has ceased to exist; and
- A foreign company is not required to file a BOI report if it ceased to be registered to do business in the United States before January 1, 2024. However, like domestic entities, a foreign company must file a report if it withdraws its registration at any time after 2023.
The FAQs are available at:
www.fincen.gov/sites/default/files/shared/BOI-FAQs-QA-508C.pdf
Sign up for Spidell’s 2024/25 Federal and California Tax Update and see why more than 18,000 tax pros choose Spidell each year. Click here for details.
