FinCEN Extends Beneficial Ownership Reporting Deadlines for Businesses Affected by Recent Hurricanes
In response to the significant challenges posed by recent natural disasters, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has granted extended deadlines for certain victims of hurricanes. Reporting companies impacted by Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine now have an additional six months to submit their Beneficial Ownership Information (BOI) reports. This extension covers new submissions, updates, and corrections, offering much-needed relief to businesses dealing with the aftermath of these events.
This relief applies explicitly to reporting companies with an original BOI reporting deadline beginning one day before the specified disaster and ending 90 days afterward. To qualify, companies must be located in areas designated by the Federal Emergency Management Agency (FEMA) as eligible for individual or public assistance and recognized by the Internal Revenue Service (IRS) as eligible for tax filing relief.
Key Points of FinCEN’s Extension Notices:
- Who Qualifies: The extension applies to reporting companies located in FEMA- and IRS-designated areas affected by the listed hurricanes, where federal relief has been authorized.
- New Deadline: The six-month extension is available to companies that meet the criteria. It allows them additional time to file accurate and timely BOI reports with FinCEN, reducing administrative pressures as they focus on recovery efforts.
- Why It Matters: Beneficial Ownership Information reporting is critical in maintaining transparency and preventing financial crimes. However, in times of crisis, compliance burdens can be overwhelming. This extension aims to support businesses by alleviating immediate reporting obligations, allowing them to prioritize recovery.
For more detailed information on the extensions granted for each hurricane, please refer to FinCEN’s Notices:
- Hurricane Milton Notice
- Hurricane Helene Notice
- Hurricane Debby Notice
- Hurricane Beryl Notice
- Hurricane Francine Notice
Supporting Businesses in Disaster Recovery
At BGM, we understand that navigating reporting requirements during a disaster is challenging. Our team is ready to assist clients in determining their eligibility for these extensions and filing their BOI reports accurately within the new timelines. We’re here to ensure compliance doesn’t add to your recovery burdens, helping your business regain footing while meeting regulatory obligations.
Contact BGM today for guidance on how this extension may affect your business or assistance in submitting BOI reports.
