Important Update:
FinCEN Removes Beneficial Ownership Information (BOI) Reporting Requirements for U.S. Companies
 

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that eliminates the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act.
 

Key Changes:

• All entities created in the United States (previously known as “domestic reporting companies”) and their beneficial owners are now fully exempt from BOI reporting requirements.

• U.S. persons are also exempt from reporting BOI with respect to any foreign entities for which they are beneficial owners.

• Foreign entities formed under the laws of a foreign country that have registered to do business in the U.S. (now the only “reporting companies”) may still have reporting obligations, but they are not required to report any U.S. persons as beneficial owners.
   

This change takes effect immediately. Existing BOI reports previously filed by U.S. companies do not need to be updated or corrected.

For foreign companies still subject to the rule, new deadlines apply (generally 30 days from registration or from the rule’s publication).

FinCEN is accepting public comments on the interim final rule and intends to issue a final rule later in 2025.
 

Source: Official FinCEN News Release (March 21, 2025)
Read the full announcement here