AICPA Releases Statement Expressing Optimism of Possible Delay for BOI Reporting
Washington, D.C. (December 18, 2024) – Following the release of language in the proposed continuing resolution relating to the beneficial ownership information reporting requirement, the American Institute of CPAs (AICPA) released the following statement, attributable to Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA:
“The AICPA is encouraged by the language in the proposed continuing resolution (CR) that was released by the House of Representatives last night. For two years, the AICPA, together with our partners at the State CPA Societies, have advocated for a one-year delay of the implementation of the beneficial ownership information (BOI) reporting requirement by the Financial Crimes Enforcement Network (FinCEN); the draft CR contains language that effectively institutes a one-year delay for BOI reporting.
“While the CR still needs to pass both the House and the Senate, we believe this is a positive step and remain optimistic that Congress will do the right thing for the small business community and the trusted financial professionals who make it a priority to assist them on complicated tax and FinCEN filings. We will continue to monitor progress as Congress votes over the next days this week.”
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with 400,000 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.
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Contact: Veronica L. Vera 202-434-9215
Veronica.Vera@aicpa-cima.com