The American Institute of CPAs has published a call to action for its members regarding the beneficial ownership information (BOI) reporting requirement that requires small businesses, including small CPA firms, to report information on the “owner” of an entity beginning in 2024. The MACPA is reprinting that call to action below and encourages its members to contact their U.S. senators before the end of the year.
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The beneficial ownership information (BOI) reporting requirement requires small businesses, including small CPA firms, to report information on the “owner” of an entity beginning in 2024.
Existing small businesses, formed before Dec. 31, 2023, have one year to file — the filing deadline for these small businesses is Jan. 1, 2025. Small businesses formed in 2024 have 90 days to file, and those formed after 2024 or those making corrections / changes to their filing must do so within 30 days.
The U.S. House of Representatives passed H.R.5119, "Protect Small Business and Prevent Illicit Financial Activity Act," providing a one-year delay to the start of the rule. This will provide additional time for small businesses to learn and better understand their new reporting requirements.
Download a message template here and reach out to your U.S. senators asking them to pass H.R. 5119.
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