Unless a legal entity created in or registered to do business in the United States before 2024 can satisfy one of the few and relatively narrow exemptions from reporting its beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), such legal entity – a reporting company – has until Wednesday, January 1, 2025 to file its BOI report with FinCEN. The BOI report is required under the Corporate Transparency Act (CTA) and the BOI reporting rule that FinCEN issued pursuant to the CTA (BOI Reporting Rule). Failure to timely file, amend or correct a BOI report with FinCEN subjects the reporting company to potential civil, and in some cases criminal, penalties from FinCEN.