The AICPA recently said Treasury is "headed in the right direction" by suspending enforcement of beneficial ownership information (BOI) reporting requirements and urged it to extend reporting deadlines to at least Jan. 1, 2026.
In a statement released Thursday, March 6, the AICPA said it applauded "Treasury's commitment to reducing regulatory burden on businesses by suspending enforcement indefinitely."
Treasury on Sunday, March 2, said U.S. citizens and businesses will not be subject to fines or penalties for failing to file BOI reports after new reporting deadlines are set.
The Financial Crimes Enforcement Network (FinCEN), the agency that enforces BOI rules under the anti-money-laundering Corporate Transparency Act, had said it would set new reporting deadlines no later than Friday, March 21.
"As Treasury moves forward with updating the BOI rule, we urge Treasury to, at a minimum, extend the filing deadline through Jan. 1, 2026, for all businesses,” AICPA President and CEO Mark Koziel, CPA, CGMA, said in the statement.