The AICPA said Treasury is “headed in the right direction” by suspending enforcement of beneficial ownership information (BOI) reporting requirements and urged it to extend reporting deadlines to at least Jan. 1, 2026.
In a statement released Thursday, the AICPA said it applauded “Treasury’s commitment to reducing regulatory burden on businesses by suspending enforcement indefinitely.”
Treasury on Sunday said U.S. citizens and businesses will not be subject to fines or penalties for failing to file BOI reports after new reporting deadlines are set. The Financial Crimes Enforcement Network (FinCEN), the agency that enforces BOI rules under the anti-money-laundering Corporate Transparency Act, P.L. 116-283, had said it would set new reporting deadlines no later than March 21.
AICPA President and CEO Mark Koziel, CPA, CGMA, said in the statement Thursday: “As Treasury moves forward with updating the BOI rule, we urge Treasury to, at a minimum, extend the filing deadline through Jan. 1, 2026, for all businesses.”
Koziel’s statement also said: “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.”
The AICPA, according to the statement, awaits the release of additional details later this month and “believes that Treasury is headed in the right direction with this decision.”
The AICPA said it would issue additional guidance as details are released.
FinCEN had estimated that 32 million small businesses would have to report BOI, which provided details on who owned or controlled the businesses.
