Following a December 23, 2024, federal Court of Appeals decision overturning a nationwide preliminary injunction that had paused all reporting requirements, reporting companies are once again required to file Beneficial Ownership Information with FinCEN. However, the Department of the Treasury, recognizing the challenges posed by the preliminary injunction previously in effect, has granted additional time for compliance by extending the reporting deadlines.
Per the FinCEN website, the following deadlines have been established:
- Reporting companies that were created or registered prior to January 1, 2024, have until January 13, 2025, to file. The original deadline was January 1, 2025.
- Reporting companies created or registered in the United States on or after September 4, 2024, that had a filing deadline between December 3, 2024, and December 23, 2024, have until January 13, 2025, to file.
- Reporting companies created or registered in the United States on or after December 3, 2024, and on or before December 23, 2024, have an additional 21 days from their original filing deadline.
- Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
- Reporting companies that are created or registered in the United States on or after January 1, 2025, have 30 days to file BOI reports following actual or public notice that their creation or registration is effective.
The tax professionals at AGH are here to help with additional information and filing assistance. For additional information, please contact Shawn Sullivan (Shawn.Sullivan@aghlc.com) or Gary Powell (Gary.Powell@aghlc.com) or by phone at 844.577.1122.
Executive Vice President
Tax Services
Shawn leads the firm’s tax group and serves on AGH’s board of directors. In addition to enhancing business performance to minimize tax consequences, he has extensive experience in mergers and acquisitions, international tax and business structuring. Shawn has public and private experience in the fields of tax and accounting and works frequently with clients in the manufacturing, automotive, wholesale distribution, real estate development and construction industries.
A certified public accountant, Shawn is a member of the American Institute of Certified Public Accountants, the Kansas Society of Certified Public Accountants (KSCPA) and chairs the KSCPA Committee on Taxation.
NOTE: Any advice contained in this material is not intended or written to be tax advice, and cannot be relied upon as such, nor can it be used for the purpose of avoiding tax penalties that may be imposed by the IRS or states, or promoting, marketing or recommending to another party any transaction or matter addressed herein.