More time for Beneficial Ownership Information reporting

In late October, the Financial Crimes Enforcement Network (FinCEN) announced that certain victims of Hurricane Milton will receive an additional six months to submit Beneficial Ownership Information (BOI) reports.

To qualify for the extension, reporting companies must meet these two requirements:

1. The deadline for the reporting company to file an initial or updated BOI report must fall on or between Oct. 4, 2024, and Jan. 2, 2025.
2. 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.

According to the FinCEN website, if after Oct. 28, the IRS designates other areas affected by the hurricane as eligible for tax filing relief, the reporting companies with their principal place of business in those areas will also receive the same BOI reporting relief.

For example, the initial BOI report of a reporting company created or registered before Jan. 1, 2024, normally would be due by Jan. 1, 2025. If such a company has its principal place of business in an area designated both by FEMA as qualifying for individual or public assistance and by the IRS as eligible for tax filing relief as a result of Hurricane Milton, the company’s initial BOI report is now due by July 1, 2025.

Similarly, the initial BOI report of a reporting company created or registered on July 25, 2024, normally would be due by Oct. 23, 2024. If such a company has its principal place of business in an area designated both by FEMA as qualifying for individual or public assistance and by the IRS as eligible for tax filing relief as a result of Hurricane Milton, the company’s initial BOI report is now due by April 23, 2025.

In a statement on its website, FinCEN said it would work with any reporting company whose principal place of business is outside the disaster areas but must consult records located in the affected areas to meet the deadline.

Reporting companies with a principal place of business outside the affected areas that are seeking assistance in meeting their filing obligations should contact FinCEN at fincen.gov/boi. FINCEN.

Beneficial ownership information reporting relief is part of a coordinated federal response to the damage caused by natural disasters and is based on local damage assessments by FEMA. For information on disaster recovery, go to disasterassistance.gov/.

For information on government-wide efforts related to recent natural disasters, visit usa.gov/disasters-and-emergencies.