Attention FAE Customers:
Please be aware that NASBA credits are awarded based on whether the events are webcast or in-person, as well as on the number of CPE credits.
Please check the event registration page to see if NASBA credits are being awarded for the programs you select.

Want to save this page for later?

News

Bill to Prevent Government Shutdown Did Not Include BOI Reporting Deadline Extension

By:
Karen Sibayan
Published Date:
Dec 23, 2024

According to the Journal of Accountancy, the bill that was passed on the night of Dec. 20 to prevent a federal government shutdown from happening did not include a one-year extension to the deadline for firms to file beneficial ownership information (BOI) reports. The extension had been included in the bill's first iteration.

As reported by The Trusted Professional on Dec. 4, a Texas federal court preliminarily blocked the Corporate Transparency Act and its implementing regulations on Dec. 3. The CTA mandates U.S. business entities report to the Treasury Department stakeholder information.

According to the Journal, the Department of Justice has asked that the Fifth Circuit Court of Appeals rule on its request for a stay by Dec. 27, saying that this request is "to ensure that regulated entities can be made aware of their obligation to comply before Jan. 1, 2025."

Prior to the removal of the one-year extension from the bill and after the release of language in the proposed continuing resolution on the BOI reporting requirement, the AICPA on Dec. 18 released a statement expressing optimism about the possible delay in BOI reporting.

The statement from Melanie Lauridsen, vice president of tax policy and advocacy at the AICPA, said, “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."

Lauridsen added that “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 to monitor progress as Congress votes over the next days this week.”