AICPA Releases Statement on BOI Enforcement Freeze, Anticipates Clarification

AICPA Releases Statement on BOI Enforcement Freeze, Anticipates Clarification

Washington, D.C. (March 6, 2025) - Following an announcement earlier this month by the Department of the Treasury addressing a shift in enforcement relating to the Corporate Transparency Act, the American Institute of CPAs (AICPA) acknowledged Treasury's commitment to easing pressure on the CPA community and their small business clients by suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirement administered by the Financial Crimes Enforcement Network (FinCEN) for domestic entities and U.S. citizens. Noting comments made by Treasury Secretary Scott Bessent claiming this move as a "victory for common sense," the AICPA awaits the release of additional details later this month but believes that Treasury is headed in the right direction with this decision.

AICPA President and CEO, Mark Koziel, CPA, CGMA, released the following statement:

"We appreciate FinCEN's recognition of the challenges faced by businesses and their decision to forego fines or take enforcement actions against domestic entities and U.S. citizens. We applaud Secretary Bessent's leadership and Treasury's commitment to reducing regulatory burden on businesses by suspending enforcement indefinitely. As Treasury moves forward with updating the BOI rule, we urge Treasury to, at a minimum, extend the filing deadline through January 1, 2026, for all businesses.

"While today we are closer to a more scaled rule for the small-business community, the AICPA remains committed to appropriate anti-money laundering policies and we look forward to working with Treasury to fine tune this rule. The AICPA has maintained a close partnership with FinCEN throughout the last 12 months and we look forward to continued and open communication."

Treasury is not expected to enforce fines and penalties against domestic entities and U.S. citizens, however beneficial owners of foreign-owned companies operating in the United States may still be expected to file. Further clarification is needed, and the AICPA expects to have a clearer picture of who will be required to file BOI information with FinCEN when Treasury releases additional information later this month.

The AICPA will issue additional guidance as details are released regarding the future of the Beneficial Ownership Information reporting rule.

About the American Institute of CPAs

The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with 400,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.

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BACKGROUND:

Feb 4, 2022 - AICPA Comments on Proposed FinCEN Beneficial Ownership Reporting Requirements under the Corporate Transparency Act
May 14, 2023 - Coalition Calls Attention to New Beneficial Ownership Information Reporting Requirements
Jul 14, 2023 - AICPA Supports HR 4035, Protecting Small Business Information Act
Jul 18, 2023 - AICPA statement on HFSC BOI Hearing on July 18, 2023
Oct 30, 2023 - AICPA comments on BOI proposed 90-day extension
Dec 14, 2023 - AICPA Comments on Current Procedures for Application for an Employer Identification Number
Dec 17, 2023 - AICPA Expresses Concerns With Timeliness of EIN Issuance, Requests Change in Procedures
Feb 16, 2024 - AICPA to Congress: "The [BOI] rule should be suspended"
April 3, 2024 - AICPA letter requesting delayed enforcement of BOI reporting
Oct 3, 2024 - AICPA Request for Automatic FBAR and BOI Disaster
Oct 3, 2024 - AICPA Urges FinCEN to Extend Automatic Disaster Filing Relief to FBAR and BOI Reporting
Nov 12, 2024 - AICPA Comment Letter Requesting One Year Delay of FinCEN BOI Rule
Nov 12, 2024 - AICPA Reiterates 'Grave Concerns' with BOI Reporting Requirement Timeline, Requests Filing Delay
Dec 4, 2024 - AICPA and State Societies Request Delay in BOI Reporting Requirements
Dec 6, 2024 - AICPA Releases Statement on BOI Injunction, FinCEN Appeal
Dec 18, 2024 - AICPA Releases Statement Expressing Optimism of Possible Delay for BOI Reporting

Contact: Veronica L. Vera
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