In a letter to Representative Warren Davidson (R-OH), and a second letter to Senators John Kennedy (R-LA) and Mike Lee (R-UT) the American Institute of CPAs (AICPA) expressed its strong support for bicameral legislation that would codify the Department of the Treasury interim rule limiting the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirements to foreign beneficial owners.
Previously, the Department of the Treasury announced a shift in enforcement of BOI reporting requirements, easing pressure on the CPA community and their small business clients by suspending enforcement for domestic entities and U.S. citizens.
“The accounting profession supports reasonable, effective and risk-based tools to combat money laundering, terrorist financing and illicit finance,” said the AICPA in the letters. “At the same time, overly broad reporting obligations can impose disproportionate burdens on legitimate domestic businesses, particularly small and mid-sized entities with limited administrative resources.”
The AICPA has closely monitored developments in BOI reporting following changes outlined in the Corporate Transparency Act (CTA) in 2022 and urged FinCEN to consider the burden and cost imposed by these reporting requirements.
The letters, signed by AICPA President and CEO, Mark Koziel, CPA, CGMA, acknowledge the thoughtful leadership of these legislators, saying, “We appreciate your continued work to create a financial regulatory framework that is targeted, effective and appropriately risk-based while protecting small businesses and the trusted financial advisors who work with small businesses from unnecessary regulatory burdens.”
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Tags: Accounting, AICPA, boi reporting, Financial Reporting, FinCEN
