As the reporting deadline for the Beneficial Ownership Information (BOI) approaches quickly, the WICPA has heard concerns from many members regarding the lack of clarity and guidance from the Financial Crimes Enforcement Network (FinCEN) and the Jan. 1, 2025, deadline.
Together with other state CPA societies and the AICPA, we have brought these concerns to the attention of the Department of the Treasury and FinCEN and have urged them to delay the filing deadline for initial filings by at least one year to no earlier than Jan. 1, 2026.
Our most recent letter — signed by the WICPA and the AICPA — specifically cites additional confusion caused by the recent decision in the case of Texas Cop Shop, Inc., et al. v. Garland, et al., which imposed an injunction on BOI reporting nationwide.
This case, along with several other court cases with conflicting outcomes and staggered delays for areas hit by natural disasters, has led to widespread confusion about the reporting requirement and corresponding deadlines.
As we noted in the letter, close to 80% of small businesses have yet to file their BOI information in the FinCEN database — this is a very concerning fact and a clear indication of the lack of awareness.
The AICPA has established a resource page to help keep members informed and provide helpful resources, and the WICPA continues to work with our partners to advocate for a delay in BOI reporting, during which time FinCEN can continue to engage stakeholders and the small business community to ensure that the reporting requirements are known and understood.
In the meantime, we join the AICPA in advising members to continue getting clients ready to file their BOI report in the event the injunction is lifted.