The Financial Crimes Enforcement Network (FinCEN) has announced that certain victims impacted by the 2024 hurricanes in the U.S. will receive an additional six months to submit beneficial ownership information (BOI) reports (including updates or corrections to prior reports). 

FinCEN is providing this relief to reporting companies that meet two requirements. The first requirement is the deadline for the reporting company to file an initial or updated BOI report must fall on or between the following dates to receive a six-month extension:  

• Hurricane Beryl: July 4, 2024, and Oct. 2, 2024
• Hurricane Debby: July 31, 2024, and Oct. 20, 2024
• Hurricane Francine: Sept. 8, 2024, and Dec. 7., 2024 
• Hurricane Helene: Sept. 22, 2024, and Dec. 21, 2024
• Hurricane Milton: Oct. 4, 2024, and Jan. 2, 2025

The second requirement is that the reporting company must have its principal place of business in an area designated both by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance, and by the IRS as eligible for tax filing relief as a result these respective hurricanes. 

If the IRS designates other areas affected by these natural disasters as eligible for tax filing relief following the release date of the notices recently issued, the reporting companies with their principal place of business in those areas will also automatically receive the same BOI reporting relief from FinCEN. 

Doeren Mayhew’s BOI reporting requirement advisors can help you navigate through this extended relief and determine whether you qualify. Contact us today to obtain assistance.