WSCPA Joins with AICPA to Request BOI Delay
December 04, 2024
by WSCPA
In response to ongoing concerns about the new Beneficial Ownership Information (BOI) reporting requirements, on December 4, the AICPA and all 54 State CPA Societies, including the Washington Society of CPAs, sent a letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) requesting FinCEN and the Treasury push back the deadline for initial filings by at least one year to no earlier than January 1, 2026.
Despite efforts to promote awareness, the small business community remains largely unprepared, with close to 80% of businesses yet to file their required information.
The request for a delay comes in response to significant logistical hurdles that have emerged. CPA firms report that, while many are trying to assist clients with their BOI filings, they are often limited in their ability to do so due to the intricate nature of the regulations. The looming deadline, combined with disruptions from recent natural disasters and yesterday's decision in the case of Texas Cop Shop, Inc. et al. v. Garland, et al. out of Texas, have further complicated the situation. The AICPA and the state CPA societies believe that pushing the deadline back by at least a year to January 1, 2026, will provide the necessary breathing room to better inform small businesses and simplify the reporting process.