AICPA supports bills to limit BOI reporting to foreign-owned entities

The AICPA, in letters to Congress, said it supports legislation in the House and Senate that would codify Treasury’s 2025 interim rule limiting beneficial ownership information (BOI) reporting to foreign-owned entities, saying the bills provide relief for both small businesses and finance professionals.

“The accounting profession supports reasonable, effective, and risk-based tools to combat money laundering, terrorist financing, and illicit finance,” said the letter to the senators. “At the same time, overly broad reporting obligations can impose disproportionate burdens on legitimate domestic businesses, particularly small and mid-sized entities with limited administrative resources.”

Treasury’s interim rule suspended BOI reporting, as included in the Corporate Transparency Act (CTA), for domestic companies and U.S. citizens. The new bills would make that suspension permanent and require the Financial Crimes Enforcement Network (FinCEN) to delete BOI data previously collected from domestic entities. Learn more.