The AICPA and over 50 affiliated organizations recommended in a letter to Treasury's Financial Crimes Enforcement Network (FinCEN) that the agency extend the effective date for the beneficial ownership information (BOI) reporting requirement by one year to give the millions of affected businesses time to learn about the new and complex rules.
The letter asked that the scope of the one-year deadline delay include not only new entities created in 2024, but all entities created thereafter and all entities making updates or corrections to their original filings.
Effective Jan. 1, 2024, existing companies and companies created or registered before that date, will have one year to file their BOI reports. FinCEN has proposed to extend the filing deadline to 90 days for certain entities.
But that change is not enough, the letter said, especially considering the steep civil and criminal penalties that can result if authorities determine a business is willfully not complying with the BOI reporting requirements. Learn more.