Following an announcement earlier this month by the Department of the Treasury addressing a shift in enforcement relating to the Corporate Transparency Act, the American Institute of CPAs acknowledged Treasury’s commitment to easing pressure on the CPA community and their small business clients by suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirement administered by the Financial Crimes Enforcement Network (FinCEN) for domestic entities and U.S. citizens.
Noting comments made by Treasury Secretary Scott Bessent claiming this move as a “Victory for common sense,” the AICPA awaits the release of additional details later this month but believes that Treasury is headed in the right direction with this decision.
AICPA President and CEO, Mark Koziel, CPA, CGMA, released the following statement:
“We appreciate FinCEN’s recognition of the challenges faced by businesses and their decision to forego fines or take enforcement actions against domestic entities and U.S. citizens. We applaud Secretary Bessent’s leadership and Treasury’s commitment to reducing regulatory burden on businesses by suspending enforcement indefinitely. As Treasury moves forward with updating the BOI rule, we urge Treasury to, at a minimum, extend the filing deadline through January 1, 2026, for all businesses.
“While today we are closer to a more scaled rule for the small-business community, the AICPA remains committed to appropriate anti-money laundering policies and we look forward to working with Treasury to fine tune this rule. The AICPA has maintained a close partnership with FinCEN throughout the last 12 months and we look forward to continued and open communication.”
Treasury is not expected to enforce fines and penalties against domestic entities and U.S. citizens, however beneficial owners of foreign-owned companies operating in the United States may still be expected to file. Further clarification is needed, and the AICPA expects to have a clearer picture of who will be required to file BOI information with FinCEN when Treasury releases additional information later this month.
The AICPA will issue additional guidance as details are released regarding the future of the Beneficial Ownership Information reporting rule.
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Tags: Accounting, bessent, boi, Income Taxes, IRS, Small Business, Taxes, Treasury, trump
