Millions of small businesses are subject to a new FinCEN reporting rule starting January 1, 2024 (explained in my blog). Under this reporting rule, a newly formed “reporting company” (an entity created by filing a document with a state), unless exempt, must file their information within 30 days of formation. But FinCEN proposed to extend this period to 90 days for reporting companies in 2024 (the 30-day limit would apply to new reporting companies in 2025). #IdeaoftheDay