The American Institute of CPAs (AICPA) has called for clarification on the US Treasury’s decision to suspend enforcement of the Beneficial Ownership Information (BOI) reporting requirements.
These requirements are administered by the Financial Crimes Enforcement Network (FinCEN).
The AICPA anticipates receiving a clearer understanding, particularly when the Treasury provides additional information.
The institute plans to issue further guidance to its members once these details are made public.
This move is aimed at alleviating pressure on CPAs and their small business clients.
Following an earlier announcement in March 2025 by the Department of the Treasury, the enforcement of penalties and fines associated with the BOI reporting rule under existing regulatory deadlines will be halted.
Additionally, no enforcement actions will be taken against US citizens or domestic reporting companies after the forthcoming rule changes take effect.
The AICPA said it views this development as a positive step and awaits further details expected later in the month.
The Treasury has indicated that while domestic entities and US citizens will be exempt from enforcement actions, beneficial owners of foreign-owned companies operating in the US may still be required to file.
AICPA president and CEO Mark Koziel said: “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 US 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.”
Earlier in the month, the AICPA, along with the National Association of State Boards of Accountancy, sought feedback on proposed changes to the model law for CPA licensure, offering an additional pathway for certification.
