In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. (fincen.gov)
FinCEN Provides Beneficial Ownership Information Reporting (BOIR) Relief to Victims of Hurricane Milton; Certain Filing Deadlines in Affected Areas Extended Six Months
WASHINGTON, D.C. –– The Financial Crimes Enforcement Network (FinCEN) announced today, October 29, 2024, that certain victims of Hurricane Milton will receive an additional six months to submit beneficial ownership information reports (BOIR) (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 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 due to Hurricane Milton. If, after the date of this announcement, the IRS designates other areas affected by this natural disaster 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 from FinCEN automatically, i.e., reporting companies with an initial or updated BOI report due on or between October 4, 2024, and January 2, 2025, with a principal place of business located in these other areas, will also have an additional six months from their original deadline to submit BOI reports.
For example, the initial BOI report of a reporting company created or registered before January 1, 2024, usually would be due by January 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 instead 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 October 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 instead due by April 23, 2025.
In addition, FinCEN will 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 and seeking assistance meeting their filing obligations should contact FinCEN at www.fincen.gov/boi.
FinCEN Issued Five Notices Extending the Filing Deadlines
As further explained in the Notice links below, to qualify, a reporting company must have a BOI reporting deadline falling within the period beginning one day before the date the specified disaster began – as indicated by the Federal Emergency Management Agency (FEMA) – and ending 90 days after that date. (Where multiple disasters with different starting dates are related to the same storm, FinCEN used the earliest dates.) A reporting company must also be located in an area designated by FEMA as qualifying for individual or public assistance and by the Internal Revenue Service as eligible for tax filing relief. Please refer to the applicable Notice for specific information.
- NOTICE: FinCEN Provides BOI Reporting Relief to Victims of Hurricane Milton
- NOTICE: FinCEN Provides BOI Reporting Relief to Victims of Hurricane Beryl
- NOTICE: FinCEN Provides BOI Reporting Relief to Victims of Hurricane Debby
- NOTICE: FinCEN Provides BOI Reporting Relief to Victims of Hurricane Francine
- NOTICE: FinCEN Provides BOI Reporting Relief to Victims of Hurricane Helene
When must I report my company’s beneficial ownership information (BOIR) to FinCEN?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report.
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from when the company receives actual notice that its creation or registration is effective or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
Can Accumera help me file the BOIR Information?
We will continue to monitor FinCEN’s updates and progress on the reporting system. We are here to play a vital role in assisting and keeping our clients compliant with the requirements. Accumera will be ready to assist with reporting for both existing companies and new entities that we form for our clients. Contact us for filing assistance, or if you have any questions, we are happy to help.
