Following the release of language in the proposed continuing resolution relating to the beneficial ownership information reporting requirement, the American Institute of CPAs (AICPA) released the following statement, attributed to Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA:
“The AICPA is encouraged by the language in the proposed continuing resolution (CR) that was released by the House of Representatives last night. For two years, the AICPA, together with our partners at the State CPA Societies, have advocated for a one-year delay of the implementation of the beneficial ownership information (BOI) reporting requirement by the Financial Crimes Enforcement Network (FinCEN); the draft CR contains language that effectively institutes a one-year delay for BOI reporting.
“While the CR still needs to pass both the House and the Senate, we believe this is a positive step and remain optimistic that Congress will do the right thing for the small business community and the trusted financial professionals who make it a priority to assist them on complicated tax and FinCEN filings. We will continue
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Tags: Financial Reporting
