New Senate Bill Would Delay FinCEN’s BOI Reporting Rule, Expand Filing Options
Sen. Jerry Moran, R-Kan., introduced a bill this week to delay implementation of the Financial Crimes Enforcement Network’s new beneficial ownership information (BOI) reporting rule by at least a year.
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The Small Business Reporting Flexibility Act would also allow rural businesses to submit the required information through regular mail instead of online due to insufficient broadband connectivity in rural areas.
“Kansans have voiced their concerns regarding the new federal reporting requirements for businesses, particularly in rural areas,” Moran said. “This legislation would help provide additional time, clarity and flexibility for businesses in Kansas to comply with federal standards without facing burdensome and unnecessary penalties.”
Although a federal court recently issued a preliminary injunction against the rule, “congressional action would provide greater certainty to business owners,” a Moran press release says. His bill was referred to the Senate Banking Committee, whose ranking member, Sen. Tim Scott, R-S.C., introduced legislation in January that also contains a one-year delay in the BOI filing deadline.
The rule, which is designed to help the government prevent sanctioned parties and others from hiding money or property in the U.S., calls for most companies to submit BOI reports by Jan. 1, 2025. Many lawmakers have said most small businesses are unaware of the new reporting requirements (see 2411190066).