OSCPA supports extending Beneficial Ownership Information deadline

OSCPA joins numerous other business groups in supporting the extension of the Beneficial Ownership Information (BOI) reporting rule deadline to one year. The letter to the Treasury's Financial Crimes Enforcement Network (FinCEN) also recommends expanding the applicability of the deadline to include not only new entities created in 2024 but all entities created thereafter, as well as entities making updates or corrections to their original filings.  

FinCen has proposed to amend the BOI reporting rule to extend the filing deadline for entities created or registered during 2024 from 30 days to 90 days. This offers relief to only a limited number of filers in the first year of implementation. 

In August, OSCPA called on federal legislators to support two bills that have been introduced – Senate bill S. 2623 and companion legislation in the House, H.R. 4035, the Protecting Small Business Information Act of 2023.