The United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced a 6-month extension for companies with their principal place of business located in designated counties impacted by Hurricane Milton. The extension applies to businesses required to submit beneficial ownership information (BOI) reports, including updates and corrections, under the Corporate Transparency Act (CTA). 

The following counties have each been identified by the Federal Emergency Management Agency and the Internal Revenue Service as qualifying for disaster relief, making companies with their principal place of business located in these areas 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. 

The extension affects businesses with deadlines to submit initial or updated BOI reports from Oct. 4, 2024, through Jan. 2, 2025. 

FinCEN is the primary agency responsible for collecting and managing BOI to prevent financial crimes and strengthen confidence in the financial system. Under the CTA, in effect as of 2024, companies must disclose detailed information about their beneficial owners to FinCEN and ensure this information remains up to date. Subject to certain exceptions, businesses formed on or after Jan. 1, 2024, and prior to Jan. 1, 2025, must file their initial BOI reports within 90 days of formation; and those formed on or after Jan. 1, 2025, and beyond, have 30 days to file. Businesses formed prior to Jan. 1, 2024, generally have until Jan. 1, 2025, to file the initial report. Amendments to BOI reports are required within 30 days upon any change to the company name, ownership contact information, or other key details.

If your business is located in an affected area and you need assistance with BOI reporting or have questions about how the extension impacts your company, Nelson Mullins is here to help. Contact us today for guidance and support.