News

The past few years have seen increasing debate among professional thought leaders over whether the 150-hour requirement has been detrimental to the profession.

A federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required.

The Supreme Court on Thursday issued a stay of a nationwide injunction that banned enforcement of beneficial ownership information (BOI) reporting requirements, meaning the government can enforce the rules.

On Dec. 31, 2024, the DOJ filed an emergency application with the Supreme Court to stay the district court injunction preventing enforcement of the CTA.

On December 26, 2024, the Fifth Circuit Court of Appeals vacated the stay on the BOI reporting injunction, effectively halting FinCEN's enforcement of reporting requirements. While filing remains voluntary for now, the situation beyond January 13, 2025, is uncertain.

On December 23, the Fifth Circuit Court granted FinCEN’s appeal to lift the injunction on BOI reporting.

A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA's accompanying regulations.

The AICPA and the National Association of State Boards of Accountancy (NASBA) are seeking input on a proposed competency-based experience model for CPA licensure.

AICPA members and other tax preparers should know that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards were effective January 1, 2024. The AICPA SSTSs serve as the ethical framework for tax professionals and are enforceable tax standards for AICPA members. Many states also adopt the AICPA Standards to cover licensees who prepare tax returns or render tax services.

In a letter addressed to the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), MTCPA and the AICPA voiced serious concerns regarding the enforcement of the Beneficial Ownership Information (BOI) reporting requirements.

Resources on Beneficial Ownership Information (BOI)

As Beneficial Ownership Information (BOI) reporting becomes more pressing for CPAs, their clients and small businesses, here’s a brief outline of some recent activities and AICPA resources that will be available soon.

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