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TXCPA Asks Lawmakers to Co-Sponsor Bill to Delay BOI Reporting Requirement – Call to Action for Members

  • Published on Aug 29, 2023
  • by TXCPA Houston

TXCPA has expressed serious concerns with the Beneficial Ownership Information (BOI) that will require small businesses to report to the Financial Crimes Enforcement Network (FinCEN) starting in 2024. Many businesses – including CPA firms – will be unprepared to meet their reporting obligation and face significant consequences, including civil and criminal penalties for failure to report.

This week, TXCPA asked our Texas delegation to cosponsor H.R. 4035, the Protecting Small Business Information Act of 2023 and Senate companion bill S. 2623, to delay the BOI reporting requirements until all three rules under the Corporate Transparency Act have been finalized with a concurrent effective date. Reps. Monica De La Cruz (R-15) and Roger Williams (R-25) have shown early support.

We urge TXCPA members to proactively contact their Representatives and Senators in Congress by Sept. 15, either through email or phone calls, advocating for their support in delaying the implementation. Click here for information on contacting your Senators and Representatives, including talking points, phone scripts, email templates, and more!