News
Update on BOI federal legislation 2/10/2025
Feb 10, 2025 —This evening, the House of Representatives considered H.R. 736, the Protect Small Businesses from Excessive Paperwork Act of 2025 (Rep. Zach Nunn, IA-3), under suspension of the rules. The bill would delay FinCEN BOI reporting for one year, until January 1, 2026. The bill passed the House of Representatives by a vote of 408-0. The bill now goes to the Senate for consideration.
AICPA has reached out to Senate Banking Chairman Tim Scott to see how this bill might be considered in the Senate moving forward. They do not believe there will be enough support in the Senate for the bill to move through the unanimous consent ‘hotline’ process, but they are hopeful that it will be attached to a must-pass item in the future.
When a legislative vehicle to move this bill has been identified, we come back to you with information if you would like to reach out to our U.S. Senators, Bernie Sanders and Peter Welch, to urge their support for the delay.
Please check the <a href="/news" target="_blank" rel="noopener noreferrer" data-link-type="web">VT CPA "News" site, <a href="https://fincen.gov/boi"; target="_blank" rel="noopener noreferrer" data-link-type="web">FinCEN website and the <a href="https://www.aicpa-cima.com/resources/landing/beneficial-ownership-information-boi-reporting"; target="_blank" rel="noopener noreferrer" data-link-type="web">AICPA BOI Resource Center for continuing updates.
