The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced business owners, impacted by recent hurricanes, may be granted a six-month extension to file their Beneficial Ownership Information (BOI).
The extension applies to businesses impacted by hurricanes Beryl, Debby, Francine, Helene, and Milton, and the main requirement is that a reporting company is in an area that is 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.
Eligible businesses should carefully review the specific dates and requirements outlined by FinCEN, as this extension does not automatically apply to all businesses. Eligible businesses may also need to provide documentation to support their claim for the extension.
For more information and detailed guidance, you are encouraged to visit the FinCEN website: www.fincen.gov/
Corporate Transparency Act Compliance BOI Report Filing
In accordance with the Corporate Transparency Act of 2021, it is mandatory for many businesses (such as corporations, LLCs, and Limited Partnerships) to prepare and submit a Beneficial Ownership Interest Report (BOI Report) to FinCEN of the Department of Treasury. To determine if your business must file a report and to file the report, go to www.fincen.gov/boi.
Who Needs to File a BOI Report?
For reporting companies formed before January 1, 2024, the initial filing deadline is December 31, 2024. Newly established reporting companies are required to file within 90 days of creation. Starting next year, both initial filings and reports on beneficial ownership changes must be submitted within 30 days. Notably, reporting obligations apply to dissolved businesses as well.
Next Steps
Non-compliance incurs significant penalties. Therefore, if you hold a business interest (non-publicly traded), we recommend visiting FINCEN’s beneficial ownership information website (www.fincen.gov/boi), consulting with your CPA, or your corporate or estate planning attorney to determine your reporting obligations.
If you have any questions, please do not hesitate to reach out to any FineMark associate. We are here to assist.
