Washington, D.C. (April 8, 2024) – In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA), together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.
The AICPA has submitted past letters to FinCEN and the U.S. Congress noting concerns about the constricted timeline for the small business community to understand the reporting requirement and urging caution regarding the failure to provide a reasonable timeframe for small businesses to comply with BOI for both new and existing entities. Additionally, the AICPA has raised concerns over the estimated burden hours and associated time-cost which has effectively become a 30-day tracking requirement.
The AICPA and state CPA societies are urging FinCEN to suspend all enforcement actions until one year after the conclusion of all court cases related to NSBA v. Yellen and take no retroactive enforcement actions for non-compliance during this time period.
“We have outlined these concerns to Congress at various times throughout the rulemaking process as well and will continue to do so. We will also 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,” the letter said.
About the American Institute of CPAs
The American Institute of CPAs® (AICPA®) is the world’s largest member association representing the CPA profession, with more than 415,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.