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CPA Bodies Seek BOI Enforcement Halt

The American Institute of CPAs and 54 state CPA societies are seeking a halt to enforcement action related to the new Beneficial Ownership Information reporting requirement.

The bodies are asking the Department of the Treasury and the Financial Crimes Enforcement Network to suspend enforcement actions until one year after the conclusion of all court cases related to NSBA vs. Yellen. They also want no retroactive enforcement actions for non-compliance during this time period. 

The AICPA has written to FinCen and the United States Congress expressing concern about what it calls a “constricted timeline” for the small business community to understand the reporting requirement. The AICPA said there is not a reasonable period for SMBs to comply with BOI for new and existing entities.

The AICPA also cited concerns over estimated burden hours associated time-cost which it says has effectively become a 30-day tracking requirement.

Besides outlining its concerns several times, the letter said the AICPA will “continue to ask for a legislative delay should FinCEN continue enforcement activities while confusion remains within the small business community and for those financial professionals working to support their small business clients.” 

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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