Washington, D.C. (May 19, 2026) – In a letter to Representative Warren Davidson (R-OH), and a second letter to Senators John Kennedy (R-LA) and Mike Lee (R-UT) the American Institute of CPAs (AICPA) expressed its strong support for bicameral legislation that would codify the Department of the Treasury interim rule limiting the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirements to foreign beneficial owners.
Previously, the Department of the Treasury announced a shift in enforcement of BOI reporting requirements, easing pressure on the CPA community and their small business clients by suspending enforcement for domestic entities and U.S. citizens.
“The accounting profession supports reasonable, effective and risk-based tools to combat money laundering, terrorist financing and illicit finance,” said the AICPA in the letters. “At the same time, overly broad reporting obligations can impose disproportionate burdens on legitimate domestic businesses, particularly small and mid-sized entities with limited administrative resources.”
The AICPA has closely monitored developments in BOI reporting following changes outlined in the Corporate Transparency Act (CTA) in 2022 and urged FinCEN to consider the burden and cost imposed by these reporting requirements.
The letters, signed by AICPA President and CEO, Mark Koziel, CPA, CGMA, acknowledge the thoughtful leadership of these legislators, saying, “We appreciate your continued work to create a financial regulatory framework that is targeted, effective and appropriately risk-based while protecting small businesses and the trusted financial advisors who work with small businesses from unnecessary regulatory burdens.”
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with 397,000 members and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. A founding member of the Association of International Certified Professional Accountants, the AICPA sets ethical standards for the profession, attestation standards, and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, partners across the profession to build future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.
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BACKGROUND:
March 6, 2025 -
AICPA Releases Statement on BOI Enforcement Freeze, Anticipates Clarification
Dec 18, 2024 -
AICPA Releases Statement Expressing Optimism of Possible Delay for BOI Reporting
Dec 6, 2024 -
Dec 4, 2024 -
AICPA and State Societies Request Delay in BOI Reporting Requirements
Nov 12, 2024 -
AICPA Reiterates ‘Grave Concerns’ with BOI Reporting Requirement Timeline, Requests Filing Delay
Nov 12, 2024 -
AICPA Comment Letter Requesting One Year Delay of FinCEN BOI Rule
Oct 3, 2024 -
AICPA Urges FinCEN to Extend Automatic Disaster Filing Relief to FBAR and BOI Reporting
Oct 3, 2024 -
April 3, 2024 -
AICPA letter requesting delayed enforcement of BOI reporting
Feb 16, 2024 -
Dec 17, 2023 -
AICPA Expresses Concerns With Timeliness of EIN Issuance, Requests Change in Procedures
Dec 14, 2023 -
AICPA Comments on Current Procedures for Application for an Employer Identification Number
Oct 30, 2023 -
Jul 18, 2023 -
Jul 14, 2023 -
AICPA Supports HR 4035, Protecting Small Business Information Act
May 14, 2023 -
Coalition Calls Attention to New Beneficial Ownership Information Reporting Requirements
Feb 4, 2022 -