BOI requirements when ownership changes first year?

[BulldogTom]

Same potential client as my other post...just a different question.

The seller has not filed a BOI report with FinCen because it is not required until 1/1/25.   If my potential client buys the company, do they have 90 days to report or are they still under the coverage of the existing company and have to report on 1/1/25?

Does the §338 election make any difference.  Of course the new corp that will be formed to purchase the target S Corp will have to report, but will the acquired QSUB have to report in 90 days?

So many questions, never enough time to research.  

Tom
Longview, TX

[Lee B]

Quote from the FINCEN BOI Fact Sheet:

"Reporting companies have 30 days to report changes to the information in their previously filed reports and must correct inaccurate information in previously filed reports within 30 days of when the reporting company becomes aware or has reason to know of the inaccuracy of information in earlier reports."