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Call to Action: Ask Lawmakers to Cosponsor Bill to Delay BOI Reporting Requirement  

September 07, 2023

In a concerted effort with the AICPA and other State Societies, the LCPA Advocacy Team recently asked our Louisiana delegation to support legislation that would delay the beneficial ownership information reporting requirements imposed by the Corporate Transparency Act. 
We urge LCPA members to contact their Representatives and Senators in Congress by Sept. 15, either through email or phone calls, asking them to cosponsor H.R. 4035 and S. 2623, both titled the “Protecting Small Business Information Act of 2023”.  
These identical bills in the House and Senate would delay the start date of the rule for the reporting requirements until all required rulemaking under the Corporate Transparency Act (CTA) has been finalized, and all rules would take effect on the same date.  This would delay the rule for an unspecified amount of time (we would guess around a year, maybe more) which would provide additional time for small businesses to know and understand their new reporting requirements – and the penalties for non-compliance, which are steep.  
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