FinCEN Extends Corporate Transparency Act Reporting Deadline for Certain Reporting Companies Affected by Recent Hurricanes

The Southeastern United States has faced a series of devastating natural disasters through this Fall, particularly hurricanes. In response to these challenging circumstances, the Financial Crimes Enforcement Network (FinCEN) has extended the reporting deadlines for affected areas. Notably, FinCEN has announced that eligible victims of Hurricanes Milton, Helene, Debby, Beryl, and Francine will receive an additional six months to submit their Beneficial Ownership Information (BOI) reports.

Criteria for Extension Eligibility

To qualify for the extension of BOI reporting deadlines, the original filing deadline must fall within the stated date range given by FinCEN. Additionally, the reporting company’s principal place of business must be recognized by FEMA as eligible for individual or public assistance and by the IRS as qualified for tax filing relief due to a hurricane. The principal place of business typically refers to where a company conducts its primary operations, usually its headquarters. Information on the FEMA and IRS recognized areas may be found at www.fema.gov/disaster/current and www.irs.gov.

Hurricane-Specific Extension Details

Corporate victims of the following hurricanes are granted an additional six months to submit their BOI reports, including any necessary updates or corrections. Companies located in areas newly designated by the IRS for tax relief will also benefit from this extension.

Hurricane Milton: Original filing deadline between October 4, 2024, and January 2, 2025.
Hurricane Helene: Original filing deadline between September 22, 2024, and December 21, 2024.
Hurricane Debby: Original filing deadline between July 31, 2024, and October 29, 2024.
Hurricane Beryl: Original filing deadline between July 4, 2024, and October 2, 2024.
Hurricane Francine: Original filing deadline between September 8, 2024, and December 7, 2024.

The six-month extension runs from the date that a BOI report was otherwise due. For example, in the case of Hurricane Milton, if an eligible reporting company was formed in 2024 and its BOI report was due on October 23, 2024, it will now have until April 23, 2025 to file its report. If an eligible reporting company was formed before January 1, 2024, its report would have normally been due on or before January 1, 2025, but it will now have until July 1, 2025 to file its report.

While these extensions do not apply to reporting companies that do not meet the eligibility criteria, FinCEN has indicated that it would work with any reporting company with a principal place of business outside of the defined affected areas that needs to consult records within the affected areas to meet its filing deadline. Any such reporting company should contact FinCEN at https://www.fincen.gov/boi.

Importance of the Extension

The extension of BOI reporting deadlines is crucial for maintaining business stability during this challenging time. These additional months to file will not only support affected businesses but also enhance transparency in reporting and facilitate a coordinated federal response in disaster-stricken areas. This decision reflects a compassionate and practical approach by the government, acknowledging the vulnerabilities faced by businesses in the aftermath of such natural disasters.