On October 29, 2024, the Financial Crimes Enforcement Network (FinCEN) announced that certain businesses in Louisiana affected by Hurricane Francine will have an additional six months to submit beneficial ownership information (BOI) reports. Companies that meet two requirements will qualify for the extension.
- The deadline to file an initial or updated BOI report must fall on or between September 8, 2024 and December 7, 2024; and
- The company's principal place of business must be located within an area designated by FEMA as qualifying for public assistance and the IRS as eligible for tax filing relief as a result of Hurricane Francine.
The qualifying parishes are Ascension, Assumption, Jefferson, Lafourche, St. Charles, St. James, St. John the Baptist, St. Mary, and Terrebonne. If FEMA or the IRS designate additional areas for tax filing relief between now and a reporting company's filing deadline, businesses located in that area will receive the six-month extension. FinCEN also indicated that they will work with reporting companies outside the disaster areas but that had essential records located in the affected areas. Similar extensions were provided for Hurricanes Beryl, Debby, Helene, and Milton if the reporting company's filing deadline fell between the day before the storm made landfall and 90 days thereafter.
Unfortunately, businesses formed before 2024 with a filing deadline of January 1, 2025 will not qualify for the extension. The first requirement makes this extension meaningless for most businesses devastated by the storm last month.
For further questions regarding the update, please contact Liskow attorneys Leon Rittenberg III, Caroline Lafourcade or Kevin Naccari, Jr. and visit our Tax Practice page.
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