In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Indiana CPA Society, asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package.
Currently, Beneficial Ownership Information (BOI) reporting requirements are expected to go into effect January 1, 2024. The bills would delay the effective date until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.
H.R. 5119 Protect Small Business and Prevent Illicit Financial Activity Act passed the House earlier this week. We would now like the Senate to vote to pass the bill before the end of the year to delay the January 1, 2024, effective date.
HOW YOU CAN HELP
We are asking Members of Congress to support a BOI Reporting Requirement Extension, and we need your help.
Please send a message to your U.S. Senators Mike Braun and Todd Young today. We provided a template you can use below, but feel free to include additional information if you would like to customize it.
Please email INCPAS VP – Advocacy Sherrill Rude, CAE, at firstname.lastname@example.org with a subject line of "Congress BOI Letter" to let her know you reached out to Senators Braun and Young.
See below for message you can send to Senators Braun and Young.
Message Subject: Support H.R. 5119 Protect Small Business and Prevent Illicit Financial Activity Act to delay Beneficial Ownership Information Reporting effective date
Dear Senator <Braun or Young>:
I am a CPA in <city> with <firm or organization>. I am a member of the Indiana CPA Society and AICPA and I am reaching out today to ask for your support of H.R. 5119 Protect Small Business and Prevent Illicit Financial Activity Act. This Act would delay the effective date of Beneficial Ownership Information Reporting until FinCEN publishes all rules related to the reporting for Indiana businesses and countless others across the country.
Indiana businesses who would be required to begin reporting on January 1, 2024, without the passage of H.R. 5119 are largely unaware and ill prepared to comply with the reporting requirement. The penalties including jail time that could be imposed for noncompliance are excessive for businesses who are trying to be in compliance with many complex requirements but do not know yet about this new requirement.
Thank you for your consideration of this request. Please let me know if I can provide additional information for you or your staff. I appreciate your dedication to Indiana constituents and your commitment to the success of U.S. businesses.
<Your Name & Signature Line>