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Urgent Action Needed: Contact Senators Regarding Beneficial Ownership Reporting Delay

December 18, 2023

Call to Action

We urge you to contact your two U.S. senators ASAP and request their support for H.R. 5119, as passed by the U.S. House of Representatives.

Background

The Montana Society of CPAs wants to bring your attention to a critical matter affecting small businesses and financial professionals. As you may be aware, the Beneficial Ownership Information (BOI) reporting requirement is set to be enforced by the Financial Crimes Enforcement Network (FinCEN) starting January 1, 2024, as mandated by the Corporate Transparency Act.

The U.S. House of Representatives has passed H.R. 5119, a bill proposing a one-year delay to this rule, providing crucial time for small businesses to comprehend and comply with the reporting requirements. However, the U.S. Senate must take up this bill by December 31 to enact the delay.

How to Contact Your Senators

Find your U.S. senators here. When calling, identify yourself as a CPA and a voting constituent, emphasizing your concerns about the FinCEN beneficial ownership reporting requirements.

Key Talking Points

  • Express concerns about the January 1, 2024 implementation date, highlighting potential unpreparedness within the small business community.
  • Emphasize the broad impact on most businesses, including potential steep penalties and increased workload for financial professionals.
  • Encourage the Senate to pass H.R. 5119, the Protect Small Business and Prevent Illicit Financial Activity Act, for a one-year reporting requirement delay.

Additional Resources

Visit FinCEN's Beneficial Ownership Information Reporting for more details: Beneficial Ownership Information Reporting | FinCEN.gov.

Final Step

Please share any feedback or correspondence with your Senators by contacting Allen Lloyd, MTCPA's executive director, at 406-442-7301 or allen@montana.cpa.

Your timely action can make a significant difference for small businesses and financial professionals navigating these new reporting requirements.

Thank you for your attention and advocacy!