The Financial Crimes Enforcement Network (FinCEN) has announced extensions for certain reporting companies to submit Beneficial Ownership Information (BOI) reports in response to hurricanes Milton, Helene, Debby, Beryl, and Francine. To qualify for an extended deadline, the reporting company must have a BOI reporting deadline that falls within the specified disaster period identified by the Federal Emergency Management Agency (FEMA).
The relief offered by FinCEN varies for each hurricane, with reporting companies affected by hurricanes Beryl, Debby, Francine, Helene, and Milton receiving an additional six months to submit BOI reports, including updates or corrections to prior reports. The deadlines for filing initial or updated BOI reports range from July 4, 2024, to January 2, 2025, depending on the specific hurricane.
FinCEN will assist reporting companies located outside the disaster areas who may still need to consult records within the affected regions to meet their filing obligations. Additionally, if the IRS designates other areas affected by the natural disasters as eligible for tax filing relief, reporting companies with their principal place of business in those areas will automatically receive the same BOI reporting relief from FinCEN.
The Corporate Transparency Act requires reporting companies to submit information about their beneficial owners to FinCEN, with reporting deadlines varying based on the company’s creation or registration date. Reporting companies created or registered before January 1, 2024, have until January 1, 2025, to file their initial BOI reports, while those created after January 1, 2025, have 30 calendar days from their creation or registration date to file their reports.
In addition to BOI reporting relief, FinCEN previously granted extensions for filing Form 114, also known as the Report of Foreign Bank and Financial Accounts (FBAR). U.S. persons with financial interests in foreign financial accounts valued over $10,000 are required to file an FBAR annually with the Treasury Department. Typically due on April 15, the deadline can be extended to October 15.
The IRS has also extended tax filing deadlines for individuals and businesses affected by the hurricanes, including Hurricane Helene. Taxpayers in states like Alabama, Georgia, North Carolina, South Carolina, Florida, Tennessee, and Virginia now have until May 1, 2025, to file federal individual and business tax returns and make tax payments. This extension provides additional time for those impacted by the hurricanes to fulfill their tax obligations.
