Consistent with the U.S. Department of the Treasury’s March 21, 2025 interim final rule (confirming the March 2, 2025 announcement), the Financial Crimes Enforcement Network (FinCEN) removed the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations 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 by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.
Therefore, if your entity was formed in the U.S. and you are a U.S. citizen, per the interim final rule, at this time you are no longer required to file the BOI.
If you have questions regarding BOI filing, please contact Michelle Burbach via e-mail mburbach@buckleyfinelaw.com or phone 847-852-1177.