The AICPA is recommending that it be delayed. This means it is too early to ask about BOI.

Good that you keeping LC informed. Thanks for doing what is needed for them to create a better product.

Regards.

The AICPA and over 50 affiliated organizations recommended in a letter to Treasury's Financial Crimes Enforcement Network (FinCEN) that the agency extend the effective date for the beneficial ownership information (BOI) reporting requirement by one year to give the millions of affected businesses time to learn about the new and complex rules. The letter asked that the scope of the one-year deadline delay include not only new entities created in 2024, but all entities created thereafter and all entities making updates or corrections to their original filings.

"FinCEN should give all businesses a fair time frame to gain awareness and a reasonable time frame to comply with BOI requirements," said the letter, dated Oct. 30 and signed by Sue Coffey, CPA, CGMA, the AICPA's CEO–Public Accounting.

Co-signers include CPA societies or associations in the 50 states, Washington, D.C., Guam, and the Virgin Islands.

Effective Jan. 1, 2024, existing companies and companies created or registered before that date, will have one year to file their BOI reports. FinCEN has proposed to extend the filing deadline for entities created or registered during 2024 to 90 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered, instead of the previous 30-day deadline