FinCen announces boi reporting extension for some helene hit businesses
A few newly formed companies affected by Hurricane Helene may get a temporary extension for filing requirements under Corporate Transparency Act. This extension does not benefit any company which was created prior to June 24, 2024.
FinCEN published a notice on October 29, 2024, that it will be extending BOI Reporting deadlines for 6 months to any business that meets both of the following requirements:
The deadline to file the initial report falls between September 22, 2024, and December 21, 2024, and
The Reporting Company’s principal place of business is in an area designated both by FEMA as qualifying for individual or public assistance, and the IRS as eligible for tax filing relief as a result of Hurricane Helene.
The entire state of North Carolina was eligible for IRS tax filing relief as a result of Hurricane Helene, so a company must have its principal place of business in an area in the declared disaster area: Alexander, Alleghany Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin, and Yancey Counties, as well as the Eastern Band of Cherokee Indians of North Carolina.
Important Note: The 6-month extension only applies to entities with a registration date with the Secretary of State that was between June 24, 2024, and September 22, 2024. If your business was formed before or after these dates, your original BOI Report deadline remains unchanged.
* The extension itself is calculated in months, not days, which means you have to calculate 90 days plus 6 months, rather than 90 days plus 180 days. While that might seem the same or similar, these two calculations can return different results.
Examples
If the Reporting Company meets both requirements above and its original filing deadline was October 23, 2024, it’s BOI Reporting deadline is now April 23, 2025.
If the Reporting Company was formed on February 14, 2020, the original filing deadline of January 1, 2025, remains the same.
If the Reporting Company was formed on October 1, 2024, the original filing deadline of December 30, 2024, remains the same.
You can read the FinCEN Notice here: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Helene-508FINAL.pdf
You can find the FEMA assistance map for North Carolina here: https://www.fema.gov/disaster/4827/designated-areas
If you have any questions about the BOI Reporting requirements or whether you are covered by the 6-month extension, feel free to contact our office for assistance.
