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AICPA: Suspend BOI Reporting

A requirement for reporting beneficial ownership in formation, which went in effect last month, should be suspended, the American Institute of CPAs said this week.

The AICPA stated its position in a letter to leadership of the Senate Banking Committee and the House Financial Services Committee. The organization said many remain unaware of the requirement for Financial Crimes Enforcement Network Beneficial Ownership Information reporting

The AICPA has previously recommended that, the deadline for entities making updates or corrections to their filings should be at least one year in order to give small businesses a reasonable chance of compliance. 

“We believe the rule should be suspended until the small business community is considered well-informed of their requirement to report BOI information to FinCEN and the outstanding questions by the financial professionals who serve this community have been answered,” the letter stated.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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