News

• Mar 22, 2025

  Update on BOI: FinCEN issues Interim Final Rule 03/21/2025

  FinCEN issued an Interim Final Rule (IFR) removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI). The rule also updates filing deadlines for foreign entities: Foreign entities registered before the IFR's publication must file BOI reports within 30 days of that…
• Mar 4, 2025

  New UAA draft is open for comment and your feedback is requested!

  After considering the comments the joint AICPA and NASBA committee received about the first draft of the UAA, they have refined the language in a new proposed draft. Major changes from the first draft include: Language that recommends expanding the pathways to licensure to include a…
• Mar 3, 2025

  Update on BOI announcement of no fines or enforcement at this time--New info 3/3/25

  UPDATE 3/3/25: The Secretary of the Treasury Department, Scott Bessent, announced the Department will not enforce penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against US citizens or…
• Feb 19, 2025

  BOI Update 2/19/25: Injunction lifted--UPDATED with FinCEN deadline 1 PM

  New information: On February 19, FinCEN announced that March 21 is the new filing deadline for most companies. This date must be met to avoid penalties of $591/day.  On February 17, the district court in the Samantha Smith case signed an order lifting the injunction. The…
• Feb 14, 2025

  Quick update on the UAA and Competency Based Pathway drafts

    We will have a fuller update in our February News and Updates, which will be out later this month. The joint committee of AICPA and the National Association of State Boards of Accountancy (NASBA) met in mid-February and reviewed the comments they received about the <a…
• Feb 12, 2025

  VT has a new Tax Commissioner

  Governor Phil Scott Announces Departure of Tax Commissioner Craig Bolio From the Governor's office: Governor Phil Scott today announced Commissioner Craig Bolio will be leaving his role leading the Department of Taxes at the end of the week and has named Bill Shouldice as the new…
• Feb 10, 2025

  Update on BOI federal legislation 2/10/2025

  This evening, the House of Representatives considered H.R. 736, the Protect Small Businesses from Excessive Paperwork Act…
• Feb 6, 2025

  Update on BOI legal action 02/06/2025

  The Dept. of Justice, on behalf of FinCEN, filed a motion to appeal and stay the injunction in the Samantha Smith, et al. v. US Dept. of Treasury BOI case. The motions filed appeal the Court's BOI ruling and request a stay on the current inunction on BOI reporting. Given the recent Supreme Court…
• Jan 30, 2025

  Changes to the IRS administration under discussion

  The <a href="https://www.finance.senate.gov/ranking-members-news/crapo-wyden-issue-discussion-draft-to-improve-irs-administration" target="_blank" rel="noopener noreferrer" data-link-type="web">United States Senate Committee on Finance has released a bipartisan discussion draft intended to…
• Jan 29, 2025

  VT Tax Commissioner Bolio's overview of the Governor's tax proposals

  Look for more information in our next Legislative Update, but here is an overview of the Governor's tax proposals that were contained in the budget from Commissioner Bolio. This will get substantial review in the Committee over the next few weeks. You can read more <a…