In a statement Friday, CEO Mark Koziel, CPA, CGMA, said the AICPA is discussing the state of the IRS with agency officials in the wake of layoffs. “A modern, functioning IRS is essential for Americans to meet their tax obligations,” the statement said.
A statement Thursday praised Treasury for “reducing regulatory burden on businesses” and said the “AICPA remains committed to appropriate anti-money laundering policies.”
A news release says Treasury won’t enforce fines or penalties against U.S. citizens or domestic reporting companies or their beneficial owners. Treasury will also issue proposed rulemaking to limit beneficial ownership information reporting to foreign reporting companies only.
The Financial Crimes Enforcement Network said late Thursday that it will extend the current reporting deadline beyond March 21 and will develop new regulations to reduce “regulatory burden.”
The annual list, which began in 2002, lists 12 ways scammers try to gain confidential information from tax professionals or trick taxpayers.
The agency’s COO will take over for Douglas O’Donnell, who has worked for the IRS since 1986.
An email sent to managers on Wednesday said that more than 3,500 probationary workers in the Small Business/Self-Employed division are expected to be notified Thursday that they are no longer employed with the IRS.
A court ruling means that millions of small businesses need to be prepared to file beneficial ownership information reports.
“Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers,” a statement by AICPA CEO Mark Koziel said Sunday as IRS officials plan for cuts in federal workforce.
The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases.