Call to Action - We urge you to contact your two U.S. senators ASAP and request their support for H.R. 5119, as passed by the U.S. House of Representatives.
Hopefully, you’ve heard us discuss Beneficial Ownership Information (BOI) reporting. Due to the lack of timely guidance and the lack of awareness for many of your small business clients, the Idaho Society is supporting AICPA's efforts, advocating for a one-year delay in the implementation date, but we need your help.
On Dec. 12, the U.S. House of Representatives passed legislation that would provide that delay, but the U.S. Senate must take up the bill by Dec. 31 to avoid leaving small businesses and financial professionals without clear guidance.
AICPA, along with numerous State Societies, are asking their accounting communities to call their U.S. senators and urge them to pass H.R. 5119 ASAP- before the Senate adjourns for the year next week.
You can find your senators’ contact information, talking points and more background on H.R. 5119 in this advocacy document.
Please reach out to your senators soon on this important issue. Find Your Senator- When calling, identify yourself as an Idaho CPA and a voting constituent, emphasizing your concerns about the FinCEN beneficial ownership reporting requirements.
Key Talking Points
- Express concerns about the January 1, 2024 implementation date, highlighting potential unpreparedness within the small business community.
- Emphasize the broad impact on most businesses, including potential steep penalties and increased workload for financial professionals.
- Encourage the Senate to pass H.R. 5119, the Protect Small Business and Prevent Illicit Financial Activity Act, for a one-year reporting requirement delay.
Visit FinCEN's Beneficial Ownership Information Reporting for more details: Beneficial Ownership Information Reporting | FinCEN.gov.
Thank you for your attention and advocacy!
Any questions - please contact Laura Lantz, ISCPA Executive Director