BOI Reporting Effectively Cancelled #accounting #accountant #accountingmajor #business #businesspodcast #podcast

FinCEN has halted enforcement of BOI reporting requirements for US businesses. The Treasury announced, they're not going to make us do it anymore. And it effectively eliminates BOI reporting obligations for most small businesses in the US. The Treasury is finalizing an emergency regulation to formally suspend the rule for American businesses. But foreign entities will still be subject to the reporting requirements. Over 32 million small businesses were formally obligated to comply at the beginning of 2024, with an estimated 5 million more added annually. And I asked Perplexity to estimate the cost of BOI reporting. The initial cost, the first year, was going to cost the US economy $23 billion. And the ongoing annual costs were projected to stabilize at $5.6 billion. So think about that. One paperwork filing requirement that, in the first year, would cost the economy $23 billion, going to filing paperwork, hours spent filling out these reports, gathering information, not being productive, not creating jobs, not creating products, not providing services, just doing filings. And then ongoing $5.6 billion. So this is great. We just saved a bunch of money.