The AICPA recently called on Congress to delay the deadline for beneficial ownership information (BOI) reporting, citing concerns over the impact on small businesses.
In a letter to congressional committee leaders, the AICPA argued that more time is needed to ensure businesses can fully comply with the new requirements without undue burden.
The BOI reporting mandate, part of anti-money laundering efforts, applies to most small businesses, requiring them to disclose information about individuals who own or control the company.
Without a delay in the BOI reporting deadline, “this country will see millions of small business owners become accidentally and unknowingly delinquent in their compliance," the AICPA said.
The Financial Crimes Enforcement Network (FinCEN), which oversees BOI reporting, has received about 6.5 million of the estimated 32 million reports that it expects to be filed. Learn more.