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Requests Sent to Suspend Corporate Transparency Act Enforcement

The AICPA and over 50 state CPA societies have written to the Treasury secretary and the director of the Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.

Sue Coffey, CPA, CGMA, AICPA & CIMA's CEO–Public Accounting, signed a letter, along with 54 state CPA societies.

The letter referred to National Small Business United v. Yellen, No. 5:22-cv-1448-LCB (N.D. Ala. 3/1/24), in which a district court in Alabama granted the plaintiffs' motion for summary judgment. The DOJ quickly filed its appeal, and FinCEN issued a notice announcing that it will not enforce the BOI requirements against the plaintiffs — the National Small Business Association (NSBA) and its 65,000 members and an Alabama businessman.

Other lawsuits have been filed, including one by the Small Business Association of Michigan, which has 32,000 members.

Read more about this Corporate Transparency Act Update in the Journal of Accountancy.