FinCEN Extends CTA Reporting Deadlines for Hurricane-Affected Businesses

The Financial Crimes Enforcement Network (FinCEN) has announced a six-month extension for certain businesses impacted by recent hurricanes to file their beneficial ownership information (BOI) reports under the Corporate Transparency Act (CTA).

Eligibility for the BOI Extension 

To qualify for the six-month extension, businesses must meet the following two criteria:

1. Filing Deadline: The original deadline for submitting an initial or updated BOI report must fall between specific dates tied to recent hurricanes and tropical storms. Eligible storms include:

Hurricane Beryl: Between July 4, 2024, and October 2, 2024

Hurricane Debby: Between July 31, 2024, and October 29, 2024

Hurricane Francine:  Between September 8, 2024, and December 7, 2024

Hurricane Helene: Between September 22, 2024, and December 21, 2024

Hurricane Milton:  Between October 4, 2024, and January 2, 2025

2. Principal Place of Business: The company’s primary business location must be situated in an area designated by the Federal Emergency Management Agency (FEMA) for individual or public assistance and the Internal Revenue Service (IRS) for disaster-related tax relief.

Example: A company formed on July 25, 2024, would typically have a BOI filing deadline of October 23, 2024. If the company meets the eligibility criteria, the new deadline will be extended to April 23, 2025.

Guidance for Businesses Outside Designated Areas 

FinCEN has also stated it will accommodate businesses located outside the FEMA-designated disaster zones if they rely on critical records housed in affected areas. Such companies are encouraged to contact FinCEN at www.fincen.gov/boi to request assistance.

BOI Reporting for Unaffected Businesses

While this extension provides relief to businesses in disaster-affected areas, it does not apply to companies formed before 2024 that fail to meet the two eligibility criteria. These businesses must still submit their BOI reports by the deadline of January 1, 2025.

If you are unsure whether your business/association qualifies for the extension, our team is here to help. Contact us for tailored advice and assistance in navigating the BOI reporting process.