A requirement for reporting beneficial ownership in formation, which went in effect last month, should be suspended, the American Institute of CPAs said this week.The AICPA stated its position in a letter to leadership of the Senate Banking Committee and the House Financial Services Committee. The organization said many remain unaware of the requirement for Financial Crimes Enforcement Network Beneficial Ownership Information reporting
The AICPA has previously recommended that, the deadline for entities making updates or corrections to their filings should be at least one year in order to give small businesses a reasonable chance of compliance.
“We believe the rule should be suspended until the small business community is considered well-informed of their requirement to report BOI information to FinCEN and the outstanding questions by the financial professionals who serve this community have been answered,” the letter stated.
