Why You Should Support the Delay of Beneficial Ownership Reporting Requirements

The Arizona Society of CPAs has called on federal legislators to support two bills that have been introduced – Senate bill S. 2623 and companion legislation in the House, H.R. 4035, the Protecting Small Business Information Act of 2023. 

This legislation would delay the start date for the Beneficial Ownership Information (BOI) reporting requirements until all required rulemaking is final, and all rules would take effect on the same date. The BOI reporting requirement is an anti-money laundering initiative enacted through the Corporate Transparency Act (CTA) in 2021, which mandates that BOI information is reported to the Financial Crimes Enforcement Network (FinCEN). 

The ASCPA has reached out to all nine Representatives and both Senators’ offices requesting their support for the AICPA’s legislative efforts.

In conjunction with the AICPA, the ASCPA continues these efforts to delay the implementation of BOI and allow for additional time for small businesses and their CPA business advisors to understand the potential impact of these reporting requirements, including steep penalties for non-compliance. The ASCPA is among a large number of accounting professionals advocating for this delay.