The Financial Crimes Enforcement Network (FinCEN) has extended the filing deadlines for submitting Beneficial Ownership Information (BOI) reports for certain reporting companies affected by Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. To qualify for the extension, a reporting company must have a BOI reporting deadline falling within the period of the specified disaster as indicated by the Federal Emergency Management Agency (FEMA) and ending 90 days after that date.
Each storm has specific relief outlined by FinCEN. Victims of Hurricane Beryl, Hurricane Debby, Hurricane Francine, Hurricane Helene, and Hurricane Milton will all receive an additional six months to submit BOI reports, including updates or corrections to prior reports. The deadlines for filing initial or updated BOI reports for each storm vary, ranging from July 4, 2024, to January 2, 2025. FinCEN will work with reporting companies located outside the disaster areas but that must consult records in the affected areas to meet the filing deadline. Companies seeking assistance should contact FinCEN at www.fincen.gov/boi.
As of January 1, 2024, many companies are required to report information to the U.S. government about their beneficial owners as a result of the Corporate Transparency Act (CTA). Reporting companies, including corporations, limited liability companies (LLCs), and other entities created by filing documents with a state office, must file reports with FinCEN. Companies created or registered before January 1, 2024, have until January 1, 2025, to file initial reports. Companies created or registered after January 1, 2024, have specific deadlines based on the date of creation or registration, ranging from 90 to 30 calendar days.
FinCEN has previously granted extensions for filing Form 114, Report of Foreign Bank and Financial Accounts (FBAR), allowing U.S. persons with financial interests in foreign accounts to report them annually to the Treasury Department. The IRS has also extended tax filing deadlines for individuals and businesses affected by the hurricanes, including Hurricane Helene. Taxpayers in certain states now have until May 1, 2025, to file federal tax returns and make tax payments.
This relief is crucial for companies and individuals affected by the hurricanes, allowing them additional time to meet reporting and filing requirements without facing penalties. FinCEN and the IRS are working together to provide necessary extensions and assistance to those impacted by natural disasters. Reporting companies should ensure they meet the specific deadlines outlined for their respective storm to avoid any compliance issues and penalties.
