TXCPA Asks Lawmakers to Cosponsor Bill to Delay BOI Reporting Requirement

TXCPA has serious concerns with the Beneficial Ownership Information (BOI) that small businesses will be required to report to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. We believe many businesses – including CPA firms – will be unprepared to meet their reporting obligation and face significant consequences including civil and criminal penalties for failure to report.

This week, TXCPA asked our Texas delegation to cosponsor H.R. 4035, the Protecting Small Business Information Act of 2023 and Senate companion bill S. 2623, to delay the BOI reporting requirements until all three rules under the Corporate Transparency Act have been finalized with a concurrent effective date. We are pleased that Reps. Monica De La Cruz (R-15) and Roger Williams (R-25) have shown early support.