FinCEN Announces BOI Reporting Relief for Victims of Recent Natural Disasters
With the deadline for Beneficial Ownership Information reporting rapidly approaching, the Financial Crimes Enforcement Network (FinCEN) has announced new relief for those impacted by the recent hurricanes across the Southeast.
Who’s Impacted by the Announcement?
The announcement applies to victims of five recent hurricanes:
- Hurricane Beryl
- Hurricane Debby
- Hurricane Francine
- Hurricane Helene
- Hurricane Milton
Specifically, the relief program applies to reporting companies that have their principal place of business located in an area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance, and by the Internal Revenue Service (IRS) as eligible for tax filing relief.
Reporting companies must also have an original reporting deadline during the window beginning one day before the specified disaster and ending 90 days after that date. The specific applicable date ranges for each natural disaster event are:
- Hurricane Beryl: July 4, 2024 – October 2, 2024
- Hurricane Debby: July 31, 2024 – October 29, 2024
- Hurricane Francine: September 8, 2024 – December 7, 2024
- Hurricane Helene: September 22, 2024 – December 21, 2024
- Hurricane Milton: October 4, 2024 – January 2, 2025
It’s important to note that only the date window for Hurricane Milton includes the January 1, 2025 filing deadline that applies to initial filings for entities formed before January 1, 2024.
What Kind of Relief is Offered?
Those impacted by the hurricanes will receive six additional months to submit beneficial ownership information reports. Notably, this applies to initial, updated, and corrected reports. For example, if a company had a change in beneficial ownership on September 1, 2024, they would have an original updated report deadline of October 1, 2024. If the company’s principal business location was in the area impacted by Hurricane Francine (as designated by FEMA and the IRS), the new deadline would be April 1, 2025.
What if My Business Was Impacted, But My Principal Place of Business Was Not?
Only companies whose principal place of business was impacted are automatically granted an extension. However, FinCEN also included in their announcement that they will work with any reporting company whose principal place of business was outside the disaster area, but who must consult records located in the affected areas. It appears that FinCEN will be considering these instances on a case by case basis.
Those who fall into this category and are seeking assistance should contact FinCEN directly.
Filing BOI Reports with Harbor Compliance
Harbor Compliance offers a comprehensive Beneficial Ownership Information Filing Service. Our annual subscription includes up to four initial, corrected, and updated filings. Our services can streamline your BOI reporting process and help you adhere to the Corporate Transparency Act. To get started, contact us here.
