Extended BOI Reporting Deadlines for Hurricane Victims

In a significant development for individuals and businesses impacted by Hurricanes  Beryl, Debby, Francine, Helene, and Milton, the Financial Crimes Enforcement Network (FinCEN) has announced an extension of the Beneficial Ownership Information (BOI) reporting deadlines. This decision comes in response to the devastating effects of five hurricanes that struck various regions, causing extensive damage and displacing countless residents.

What Are the Extended Filing Deadlines?

The filing deadline is extended for six months for reporting companies with an original reporting deadline beginning one day before the date of the natural disaster began and ending 90 days after that date who are also located in an area designated as qualifying for assistance by the Federal Emergency Management Agency (FEMA) and as eligible for tax relief by the Internal Revenue Service (IRS).

The BOI reporting requirement, established under the Corporate Transparency Act (CTA), mandates that certain entities disclose their beneficial owners to enhance transparency and combat financial crimes. This information is crucial for law enforcement and regulatory agencies in their efforts to track illicit activities and protect the integrity of the financial system.

This extension aims to alleviate the compliance burden on those struggling to recover from the storms. FinCEN has also committed to providing clear guidance on the reporting requirements during this extended period, ensuring that businesses understand their obligations and can navigate the process more effectively.

Businesses in the impacted regions are encouraged to take advantage of this extension and prioritize their recovery efforts. It is important for them to stay informed about the specific new deadlines specific to victims of each hurricane as well as any additional resources that FinCEN and local agencies may offer.

The extension of BOI reporting deadlines serves as a timely relief for victims of the recent hurricanes. By allowing more time for compliance, FinCEN acknowledges the challenges faced by those affected and demonstrates a commitment to supporting their recovery. For questions or more information, contact your Windham Brannon advisor, or reach out to Gary Gruner.