The Latest News on BOI Filing
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November 13, 2024
Dearth of Filed Reports
With less than two months left for most small businesses to file beneficial ownership information (BOI) reports, the Financial Crimes Enforcement Network (FinCEN) has received only 6.5 million of the expected 32 million reports, a FinCEN representative said last week. New businesses created in 2024, which are under tighter deadlines to file the reports than older businesses, account for many of those. Read more
Deadline Extension Requested
The AICPA sent a letter to the House Financial Services Committee and the Senate Banking Committee expressing concerns with the upcoming Jan. 1, 2025, deadline for reporting BOI to FinCEN. The letter asks for the rule to be suspended for at least a year so the small business community can become better informed of the filing requirement. The AICPA will be reaching out to ask state societies to sign-on to a letter to Treasury and FinCEN.