What This Means for Your Business
If your company was established before January 1, 2024, you now have an extra year to prepare for BOI reporting. This delay provides much-needed relief for small businesses that would have otherwise faced an imminent compliance deadline. However, companies formed on or after January 1, 2024, must still comply with the original reporting timelines.
Why the Extension Matters
The American Institute of Certified Public Accountants (AICPA) and other advocacy groups have voiced concerns over the administrative burden the BOI reporting rules impose on small businesses. By extending the deadline, lawmakers acknowledge these concerns and offer businesses additional time to navigate compliance requirements effectively.
Next Steps
The bill now moves to the Senate, where a companion bill has been introduced. If passed, the extension will officially become law. In the meantime, we encourage businesses to stay informed and take the necessary steps to understand their BOI reporting obligations.
How Kamish & Associates Can Help
At Kamish & Associates, we’re committed to helping small businesses stay compliant with evolving regulations. Our team can guide you through the BOI reporting process and ensure you meet all necessary requirements without unnecessary stress.
For more information or assistance, contact us today!
#SmallBusiness #BOIReporting #Compliance #CorporateTransparencyAct #BusinessLaw #FinancialReporting #KamishAndAssociates
Comments