News: FICPA co-signs AICPA letter calling for BOI reporting delay to 2026

Following Tuesday's court decision in the Eastern District of Texas, in which a federal judge issued a preliminary nationwide injunction against the enforcement of the Corporate Transparency Act, the AICPA, FICPA and 52 other state CPA societies are renewing the call for an additional delay in beneficial ownership information (BOI) reporting.

The injunction comes less than one month before the Jan. 1, 2025, deadline for companies formed prior to 2024 to report their beneficial ownership information (BOI) to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN).

The letter from the AICPA, FICPA and other state societies specifically requests that FinCEN "push back the deadline for initial filings by at least one year to no earlier than January 1, 2026."

It reads in part:

In numerous communications to the Financial Crimes Enforcement Network (FinCEN) throughout the Beneficial Ownership Information (BOI) rulemaking and rollout process, including in a letter as recent as April of this year, we have raised concerns regarding the awareness in the small business community regarding the reporting requirement under the BOI rule. With the January 1, 2025, due date rapidly approaching, and in light of yesterday’s decision in the case of Texas Cop Shop, Inc. et al. v. Garland, et al. out of Texas, we continue to have grave concerns for the close to 80% of small businesses who have yet to file their BOI information in the FinCEN database. We urge FinCEN and the U.S. Treasury Department to push back the deadline for initial filings by at least one year to no earlier than January 1, 2026.

Click here to read the full letter addressed to Treasury Secretary Janet Yellen and FinCEN Director Andrea Gacki.