On December 23, 2024, a federal Court of Appeals overturned a nationwide preliminary injunction, reinstating the requirement for companies to file Beneficial Ownership Information (BOI) with FinCEN. New deadlines were imposed, requiring the majority of companies to file by January 13, 2025.
However, in a subsequent development (December 26, 2024), the appeals court reinstated the injunction, temporarily pausing the BOI filing requirement once again. Pending the outcome of oral arguments scheduled for March 25, 2025, no action is required from business owners.
With a new administration set to take office on January 20, 2025, further changes to these requirements are possible. On December 27, 2024, FinCEN confirmed that while companies are not currently required to file, they may do so voluntarily.
We will continue to monitor this situation closely and provide updates as new developments arise.
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.