As stated in a March 21, 2025 press release, a Financial Crimes Enforcement Network (FinCEN) interim final rule removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. Basically, companies created in the United States will be exempt from reporting BOI to FinCEN. The definition of ‘reporting company’ has been revised to mean “only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction.”
“Reporting companies registered to do business in the United States before the date of publication of the IFR must file BOI reports no later than 30 days from that date… [those registered] on or after the date of publication of the IFR have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.”
Image by Tung Lam from Pixabay
April 1, 2025
