The financial Crimes Enforcement Network (FinCEN) announced on Oct. 29, 2024 that certain victims of Hurricanes Beryl, Debby, Francine, Helene, and Milton will receive an additional six months to submit beneficial ownership information (BOI) reports. This also includes updates or corrections to prior reports.
Companies must meet two requirements to qualify for this relief:
1) The reporting companies’ deadline to file an additional or updated BOI report must fall on or between dates below for the applicable hurricane:
- Hurricane Beryl: July 4, 2024 – Oct. 2, 2024
- Hurricane Debby: July 31, 2024 – Oct. 29, 2024
- Hurricane Francine: Sep. 8, 2024 – Dec. 7, 2024
- Hurricane Helene: Sep. 22, 2024 – Dec. 21, 2024
- Hurricane Milton: Oct. 4, 2024 – Jan. 2, 2025
2) The reporting companies’ principal place of business must be located in an area designated both by the FEMA as qualifying for individual or public assistance and by the IRS for tax filing relief for Hurricanes Beryl, Debby, Francine, Helene, or Milton.
If the IRS designates other areas affected by these natural disasters as eligible tax relief, then this BOI reporting relief will automatically be extended to reporting companies with their principal place of business located in the newly designated areas.
Reporting companies with their principal place of business outside of a designated disaster area that must consult records in a designated disaster area should contact FinCEN at www.fincen.gov/boi for assistance in meeting their filing obligations.
Considering that the fine for not filing this report on time is $591 a DAY, It is vital that you get it done on time. Personally, I would just get it done by the end of the year and be done with it. If you don't want to deal with it yourself, I partner with a company that specializes in taking care of it for you. You can find them by Clicking Here.