Washington Report

Advocacy Updates from Washington D.C.

NAR Comments on FinCEN's Proposed Beneficial Ownership Deadline Extension

On October 30, 2023, NAR submitted a comment in support of FinCEN's Notice of Proposed Rulemaking (NPRM) that was released in September 2023 extending the reporting deadline from 30 calendar days to 90 calendar days for newly formed entities that will formed any time within 2024. This proposed extension would allow newly formed reporting companies additional time to understand the beneficial ownership rule, and the reporting obligations under the rule.

While NAR supports this rule, NAR also believes that existing companies that are required to file reports beginning January 1, 2025, also should be provided with an extension also to file the initial beneficial ownership report. NAR also commented on FinCEN's Notice requesting comment on the beneficial ownership information report and the FinCEN identifier.

FinCEN will likely issue a final rule soon. NAR will continue to provide updates on the beneficial ownership rule and its reporting requirements.