Important Notice: FinCEN Announces BOI Reporting Deadline Extension for Hurricane Victims

This article explores the reporting timeframe available to companies eligible for the extension due to recent hurricanes.

Stephanie Glanville | November 5, 2024 | Read time: 5 minute(s) | BOI Reporting, FinCEN Update | No Comments

The BOI reporting deadline for newly established businesses in the United States is coming up soon. Recently, several states have been hit hard by natural disasters, leading to widespread damage. In response, the IRS has announced a tax relief extension for these affected areas. Additionally, the Financial Crimes Enforcement Network (FinCEN) has issued five notices granting a six-month extension for certain companies impacted by Hurricanes Milton, Helene, Debby, Beryl, and Francine to file their BOI reports.

However, not all reporting companies will qualify for this extension. Only those with a reporting due date falling on or after the disaster’s incident date or the declaration date in the designated areas will be eligible.

This article explores the reporting timeframe available to companies eligible for the extension due to recent hurricanes.

Who is eligible for this extension?

FinCEN is providing relief to certain reporting companies affected by the recent hurricanes. However, not all companies will qualify for this relief. Only those that meet the requirements specified by FinCEN will be eligible for the extension period to submit their reports.

According to FinCEN, the victims of following hurricanes will receive an additional six months to submit their BOI reports, including updates or corrections to prior reports from their original deadline, provided that they meet the criteria outlined below.

Hurricane Beryl – To qualify, companies must have a reporting deadline between July 4, 2024, and October 2, 2024, and their principal place of business must be located in designated areas by the Federal Emergency Management Agency (FEMA) for assistance and by the IRS for tax relief due to Hurricane Beryl.

Hurricane Debby – To qualify, companies must have a reporting deadline between July 31, 2024, and October 29, 2024, and their principal place of business must be located in designated areas by FEMA for assistance and by the IRS for tax relief due to disasters related to Hurricane Debby (including those caused by Tropical Storm Debby).

Hurricane Francine – To qualify, companies must have a reporting deadline between September 8, 2024, and December 7, 2024, and their principal place of business must be located in designated areas by FEMA for assistance and by the IRS for tax relief due to Hurricane Francine.

Hurricane Helene – To qualify, companies must have a reporting deadline between September 22, 2024, and December 21, 2024, and their principal place of business must be located in designated areas by FEMA for assistance and by the IRS for tax relief due to disasters related to Hurricane Helene (including those caused by Tropical Storm Helene).

Hurricane Milton – To qualify, companies must have a reporting deadline between October 4, 2024, and January 2, 2025, and their principal place of business must be located in designated areas by the FEMA for assistance and by the IRS for tax relief due to the hurricane.

Note: If new areas are designated later, reporting companies with their principal place of business in those locations will also automatically receive the same extension.

Meet the Reporting Deadline with TaxBandits

If your business has been affected by these hurricanes, you have an additional six months to file your BOI report. When you are ready, you can simplify your BOI reporting with TaxBandits.

For more updates related to BOIR, stay tuned with TaxBandits!