Yesterday the Treasury Department announced that companies and other entities that are headquartered in hurricane “DISASTER AREA” counties will have a six month (180 day?) extension to file their CORPORATE TRANSPARENCY ACT filings.
The counties that have been declared to be DISASTER AREAS include almost all of the counties on the west coast and in central Florida, including the Tampa Bay area, the Orlando area, as far north in Florida as Leon, and as far south in Florida as Collier.
The Florida maps with disaster areas marked are set forth below.
The disaster area counties for South Carolina, North Carolina and Georgia are also set forth below.
Another exception will apply if the professional or professionals who are providing services or information to comply with the BOI rules have been significantly hampered by the hurricane. Very few professional advisors have been significantly hampered by the hurricane so we would not rely on this exception.
It is safest to complete all BOI filings before January 1st, 2025, so there is no question with respect to whether our clients are being compliant, and while we have a strong BOI Compliance Team in our law firm.
The announcement issued reads as follows:
FinCEN Provides Beneficial Ownership Information Reporting Relief to Victims of Recent Natural Disasters
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports, including updates and corrections to prior reports. FinCEN has issued five Notices extending the filing deadlines to for reporting companies that 1) have an original reporting deadline beginning one day before the date the specified disaster began and ending 90 days after that date, and 2) are located in an area that is designated both by the Federal Emergency Management Agency as qualifying for individual or public assistance and by the Internal Revenue Service as eligible for tax filing relief. Please refer to the applicable Notice for specific information.
Notice regarding Hurricane Milton: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Milton-508FINAL.pdf
Notice regarding Hurricane Helene: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Helene-508FINAL.pdf
Notice regarding Hurricane Debby: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Debby-508FINAL.pdf
Notice regarding Hurricane Beryl: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Beryl-508FINAL.pdf
Notice regarding Hurricane Francine: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Francine-508FINAL.pdf
Read the full article here
