The Financial Crimes Enforcement Network (“FinCEN”) has announced temporary relief measures for reporting companies affected by recent hurricanes in the Southeast, providing additional time to comply with Beneficial Ownership Information (“BOI”) reporting requirements under the Corporate Transparency Act (the “CTA”) (see our update and summary here). FinCEN’s relief grants an extra six months for reporting companies that meet the specific criteria outlined below.
Relief Eligibility Criteria
To qualify for this extended deadline, a reporting company must meet the following criteria:
- BOI Reporting Deadlines. The reporting company’s original deadline for filing an initial or updated BOI report must fall within the designated period for each applicable hurricane or tropical storm, listed below; and
- Location Requirements. The reporting company’s principal place of business must be located 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 due to one of the recent hurricanes or tropical storms.
Applicable Hurricanes and Relief Periods
The specific date windows associated with each hurricane are:
- Hurricane Beryl: July 4, 2024, to October 2, 2024 (States with affected counties: Texas)
- Hurricane Debby (including Tropical Storm Debby): July 31, 2024, to October 29, 2024 (States with affected counties: Florida, Georgia, and Pennsylvania)
- Hurricane Francine: September 8, 2024, to December 7, 2024 (States with affected counties: Louisiana)
- Hurricane Helene (including Tropical Storm Helene): September 22, 2024, to December 21, 2024 (States with affected counties: Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia )
- Hurricane Milton: October 4, 2024, to January 2, 2025 (States with affected counties: Florida)
For example, if a reporting company formed on July 17, 2024, with an initial BOI report due by October 15, 2024, is located in an area impacted by Hurricane Milton, the new filing deadline would extend to April 15, 2025. Importantly, this relief program applies to initial, updated, and corrected BOI reports.
Additional Considerations for Reporting Companies Outside the Disaster Zones
FinCEN has also indicated that it will consider requests for assistance on a case-by-case basis from reporting companies whose principal place of business is outside the designated disaster area but who rely on records located within the affected zones to meet reporting requirements. Such companies are encouraged to contact FinCEN directly for potential relief.
Furthermore, if the IRS designates additional areas affected by these hurricanes or storms as eligible for tax filing relief after FinCEN’s announcement (dated October 29, 2024), companies located in those areas will automatically receive the same six-month BOI reporting extension.
Disclaimer: This update was prepared as of November 8, 2024, and is subject to change as further guidance on the CTA develops.
