October 31, 2024
By Kevin Levy and Natali Reyes
On October 29, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that certain victims of hurricanes Milton, Helene, Debby, Beryl, and Francine will receive an additional six (6) months to submit beneficial ownership information reports, including updates and corrections to prior reports under the Corporate Transparency Act (CTA).
In order to qualify for such relief, the reporting company’s principal place of business must generally be located in an area that is designated (i) by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance and (ii) by the Internal Revenue Service (IRS) as eligible for tax filing relief. Furthermore, the applicable dates and deadlines differ for each such hurricane.
For more information and specifics you can refer to the applicable FinCEN Notice:
Hurricane Milton: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Milton-508FINAL.pdf
Hurricane Helene: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Helene-508FINAL.pdf
Hurricane Debby: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Debby-508FINAL.pdf
Hurricane Beryl: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Beryl-508FINAL.pdf
Hurricane Francine: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Francine-508FINAL.pdf
For additional background, please also review our prior Insights titled “Corporate Transparency Act Filing Deadline Fast Approaching for Pre-existing Companies” and “Corporate Transparency Act and the End of Hiding in the U.S.”
Questions?
Contact GrayRobinson Business Law Section Chair Kevin Levy, Attorney Natali Reyes, or a member of the Business Law Section.