Shutts & Bowen would like to inform you that earlier this week the U.S. Financial Crimes Enforcement Network (“FinCEN”) announced a temporary postponement of the Beneficial Ownership Information (BOI) reporting deadlines for companies impacted by recent hurricanes and other major storms. This extension aims to alleviate the burden on businesses and individuals grappling with recovery efforts.
If a reporting company (1) has 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 Internal Revenue Service (IRS) as eligible for tax filing relief as a result of a disaster caused by certain recent named storms, such as Hurricanes Helene and Milton, and (2) has a BOI reporting deadline (whether initial or amended) that falls within a specific window of time (e.g. September 22, 2024 to December 21, 2024 for Hurricane Helene, or October 4, 2024 to January 2, 2025 for Hurricane Milton), then its reporting deadline has been extended by 6 months.
Unlike the reporting period for Hurricane Helene, the affected reporting period for Hurricane Milton includes the January 1, 2025 deadline for all companies that existed prior to 2024. The affected counties are different for each storm, and not all Florida counties are affected, so you are urged to check carefully before delaying your compliance.
Each of the notices from FinCEN is available here:
