From the Journal of Accountancy/AICPA & CIMA — By Martha Waggoner —
A bill to extend the deadline for an estimated 32 million small businesses to report their beneficial ownership information (BOI) as mandated by the Corporate Transparency Act (CTA) passed the U.S. House unanimously.
The House passed H.R. 736, Protect Small Businesses From Excessive Paperwork Act of 2025, 408–0, on Monday, Feb. 10. The bill, which goes to the Senate next, extends the deadline for filing BOI reports to Jan. 1, 2026. The deadline for most reports previously was Jan. 1, 2025, but the reporting requirements have been caught up in numerous court cases and are now on hold.
A companion bill was introduced Feb. 11 in the Senate by Tim Scott, R-S.C., the chairman of the Senate Banking Committee.
“This is a simple solution that we’ve worked on together, and it’s one of the most pressing concerns small businesses face,” Rep. Zach Nunn, R-Iowa, who sponsored the bill, said on the House floor before the vote. “So, whether you’re a Democrat or a Republican, we all have small businesses and a hometown responsibility to fight for them today.”
Both bills affect only reporting companies existing before Jan. 1, 2024. Companies formed after that date are not affected.
Melanie Lauridsen, the AICPA’s vice president–Tax Policy & Advocacy, said in a LinkedIn post that the proposed deadline extension is “hopeful information” – despite the possibility of court rulings changing reporting requirements at any moment.
The House and Senate bills support “the AICPA’s long-standing position for a significant delay to help small businesses,” Lauridsen said.
A statement from the Financial Crimes Enforcement Network (FinCEN), which enforces BOI under the CTA, said: “Despite legislative and legal uncertainty, we continue to strongly recommend voluntary filing to get off this merry-go-round ride.”
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