Beneficial Ownership Information Report Filing Deadline Extended Six-Months for Companies Impacted by Hurricane Milton

By: Margaret Karakashian, Esq.

The Financial Crimes Enforcement Network (“FinCEN”) has extended the deadline for filing Beneficial Ownership Information Reports (“BOIR”) for certain victims of Hurricane Milton.

In order to qualify for the six-month extension, a reporting company (“Reporting Company”) must meet two requirements. First, the current deadline for the Reporting Company’s initial, updated or corrected BOIR must fall on or between October 4, 2024 and January 2, 2025. Second, the Reporting Company’s principal place of business must be located in an area (the “Impacted Areas”) that 1) qualifies for individual or public assistance by the Federal Emergency Management Agency (“FEMA”) and 2) is eligible as qualifying for tax filing relief by the Internal Revenue Service (“IRS”). At this time, the Reporting Companies located in the following Impacted Areas are eligible for the extension: Alachua, Baker, Bradford, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Gilchrist, Glades, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lafayette, Lake, Lee, Levy, Madison, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putman, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, and Volusia.

Additionally, FinCEN will work with any Reporting Company who must consult records located in the Impacted Areas even if the Reporting Company’s principal place of business is outside of the Impacted Areas.

Background

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA”) as part of the Anti-Money Laundering Act of 2020 in the National Defense Authorization Act for Fiscal Year 2021. Congress passed this as an attempt to better enable critical national security, intelligence, and law enforcement efforts to counter money laundering, the financing of terrorism, and other illicit activity. The CTA requires a range of entities to file a report with FinCEN identifying the entities’ beneficial owners – the persons who ultimately own or control the company – and provide similar identifying information about the persons who formed the entity.

When do I Need to Report By?

• Reporting Companies created before January 1, 2024, have one year — until January 1, 2025 — to file the required information. Reporting Companies created on or after January 1, 2024, and on or before December 31, 2024, will be required to file the required information within ninety (90) days after receiving notice of an effective formation or registration. All other companies will be required to file the report within thirty (30) days of formation.
• Any changes to the information previously reported concerning a Reporting Company or beneficial owner must be reported to FinCEN within thirty (30) days of the date of the change.
• Any inaccuracies must be reported within thirty (30) days of when the Reporting Company becomes aware of the inaccuracy.
• Any time there is a change in an entity’s ownership, whether or not the entity is a Reporting Company prior to the change in ownership, the entity may be required to file beneficial owner information or update an existing report.

If you have any questions or need assistance with filing your BOIR, you may contact us by email info@henlaw.com or by phone at 239-344-1100 to schedule a consultation.