Earlier this year, the AICPA joined a coalition of organizations working to raise awareness of the new beneficial ownership information (BOI) reporting requirement that applies to most U.S. companies.
Now, the coalition is calling for delaying the rule's start date to provide additional time for small businesses to learn about and better understand the new reporting requirements.
The BOI reporting requirement is an anti-money-laundering initiative enacted through the Corporate Transparency Act in 2021 that mandates BOI be reported to the Financial Crimes Enforcement Network, starting Jan. 1, 2024.
Legislators have introduced two identical bills, titled the Protecting Small Business Information Act, that would delay the BOI reporting requirement, and the AICPA wants to keep the legislation moving.
The coalition is urging supporters to contact their members of Congress by Thursday, Aug. 31. The WICPA has already contacted members of Congress in support of this legislation.