On 10/29/24, FinCEN announced Beneficial Ownership Information (BOI) Reporting Relief to specific victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine. BOI Reporting Relief consists of an extension of six months to submit beneficial ownership information reports, which may include updates and corrections to previously submitted reports. “FinCEN has issued five Notices extending the filing deadlines to for reporting companies that 1) have an original reporting deadline beginning one day before the date the specified disaster began and ending 90 days after that date, and 2) are located in an area that is designated both by the Federal Emergency Management Agency qualifying for individual or public assistance and by the Internal Revenue Service as eligible for tax filing relief”.
Extracts from specific FinCEN Notices for BOI Reporting Relief
Hurricane Milton: certain victims of Hurricane Milton will receive an additional six months to submit beneficial ownership information (BOI) reports (including updates or corrections to prior reports). FinCEN is providing this relief to reporting companies that meet two requirements. First, the deadline for the reporting company to file an initial or updated BOI report must fall on or between October 4, 2024, and January 2, 2025. Second, the reporting company must have its principal place of business in an area designated both 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 as a result of Hurricane Milton.
Hurricane Helene: certain victims of disasters related to Hurricane Helene will receive an additional six months to submit beneficial ownership information (BOI) reports (including updates or corrections to prior reports). FinCEN is providing this relief to reporting companies that meet two requirements. First, the deadline for the reporting company to file an initial or updated BOI report must fall on or between September 22, 2024, and December 21, 2024. Second, the reporting company must have its principal place of business in an area designated both 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 as a result of a disaster caused by Hurricane Helene (including disasters caused by Tropical Storm Helene).
Hurricane Debby: certain victims of disasters related to Hurricane Debby will receive an additional six months to submit beneficial ownership information (BOI) reports (including updates or corrections to prior reports). FinCEN is providing this relief to reporting companies that meet two requirements. First, the deadline for the reporting company to file an initial or updated BOI report must fall on or between July 31, 2024, and October 29, 2024. Second, the reporting company must have its principal place of business in an area designated both 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 as a result of a disaster caused by Hurricane Debby (including disasters caused by Tropical Storm Debby).
Hurricane Beryl: certain victims of Hurricane Beryl will receive an additional six months to submit beneficial ownership information (BOI) reports (including updates or corrections to prior reports). FinCEN is providing this relief to reporting companies that meet two requirements. First, the deadline for the reporting company to file an initial or updated BOI report must fall on or between July 4, 2024, and October 2, 2024. Second, the reporting company must have its principal place of business in an area designated both 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 as a result of Hurricane Beryl.
Hurricane Francine: certain victims of Hurricane Francine will receive an additional six months to submit beneficial ownership information (BOI) reports (including updates or corrections to prior reports). FinCEN is providing this relief to reporting companies that meet two requirements. First, the deadline for the reporting company to file an initial or updated BOI report must fall on or between September 8, 2024, and December 7, 2024. Second, the reporting company must have its principal place of business in an area designated both 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 as a result of Hurricane Francine.
If you are NOT a victim of a hurricane and do not qualify for BOI Reporting Relief, note that:
- FinCEN began accepting reports on January 1, 2024.
- If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.
- If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
- If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
- Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
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