The Financial Crimes Enforcement Network (FinCEN) has given a BOI deadline extension for companies that were affected by the recent hurricanes.
This represents a BOI deadline extension for such businesses that, because of these natural disasters, need extra time to comply with the requirements of BOI reporting.
Everything you should know about this extension, the eligibility criteria and how that impacts your reporting requirements is here.
Relief Eligibility Criteria
A reporting company must meet the following criteria to be able to receive this deadline extension:
- BOI Filing Deadlines – The filer’s due date for filing an original, amended or revised BOI report must have fallen on or within the prescribed period for one of the following hurricanes or tropical storms.
- Location Eligibility – The principal place of business must be located in an area determined by the Federal Emergency Management Agency (FEMA) as qualifying for its assistance and also identified by the Internal Revenue Service (IRS) as eligible for tax filing relief.
These criteria have been put in place to ensure that the BOI deadline extension will apply only to the businesses whose regular operations have been substantially affected by the hurricanes.
Applicable Hurricanes and Extended Relief Periods
Businesses affected by the following hurricanes shall receive the deadline extension.
| Hurricane Beryl – Associated date window is July 4, 2024, to October 2, 2024 State with Affected Counties – Texas |
| Hurricane Debby (including Tropical Storm Debby) – Associated date window is July 31, 2024, to October 29, 2024 States with Affected Counties- Florida, Georgia, Pennsylvania |
| Hurricane Francine – Associated date window is September 8, 2024, to December 7, 2024 State with Affected Counties – Louisiana |
| Hurricane Helene (including Tropical Storm Helene) – Associated date window is September 22, 2024, to December 21, 2024 States with Affected Counties- Florida, Georgia, North Carolina, South Carolina, Tennessee, Virginia |
| Hurricane Milton – Associated date window is October 4, 2024, to January 2, 2025 State with Affected Counties – Florida |
Example of BOI Deadline Extension
Assume a person formed an entity on July 17, 2024. The BOI report would be due by October 15, 2024. If that principal place of business was located in the area affected by Hurricane Milton, the filing deadline would be extended for six months until April 15, 2025. The BOI deadline extension applies to any required BOI report, whether it be initial, updated or corrected.
Additional Considerations for Businesses Outside Disaster Zones
FinCEN has special provisions for those organizations whose principal place of business is outside the designated disaster areas but whose records are maintained in the affected areas. The businesses could seek relief on an individual basis when contacting FinCEN directly.
Moreover, any other areas subsequently declared by the IRS as tax filing relief areas after the date of the FinCEN announcement, October 29, 2024, shall automatically be granted an automatic six-month BOI deadline extension for businesses in those areas.
Documentation and Compliance
Businesses requesting the BOI deadline extension would also be expected to support their case with documentation. This could include proof of location, evidence of damage or disruption caused by the hurricane, or correspondence from FEMA or the IRS confirming the company’s eligibility for disaster relief assistance.
Why The BOI Reporting Extension Matters
These extended deadlines for filing BOIs will be an essential lifeline to companies trying to recover from the devastating impact of the hurricanes. By providing more time, FinCEN hopes to ease the compliance burden on affected businesses and enable them to focus on recovery efforts without the immediate pressure of regulatory filings.
Conclusion
This announcement by FinCEN was necessary to help those businesses deal with the aftermath of the hurricanes. Eligible companies must take advantage of this extension and ensure they file all reports, as required, within the new time frame to avoid possible penalties for non-filing.
If you have any questions or require any clarification regarding the BOI deadline extension, please contact us and let our teams of experts help.
Key Takeaways
- BOI reporting deadline has been extended because of the recent hurricanes that hit several states.
- The deadline has been extended for businesses whose BOI filing deadlines are due during the periods listed and whose principal place of business is located in the areas designated by FEMA and the IRS as disaster areas.
- Businesses located outside the designated disaster areas but impacted by hurricanes may get an extension upon special request through FinCEN.
- The extension of time to report on BOI encompasses initial, updated and corrected BOI filers.