Corporate Transparency ACT

Updated March 2025

Corporate transparency Act: Beneficial Ownership Information Report Filing Requirements

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that removed the requirement for domestic reporting companies and U.S. persons to report Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA).

Key Changes in the New Rule:

1.      Exemption for Domestic Entities:  Domestic reporting companies and their beneficial owners are now exempt from the reporting requirement.

2.      Foreign Reporting Company Requirements: Foreign reporting companies operating in the United States must still report BOI to FinCEN; however, they are not required to report the BOI of any U.S. persons who are beneficial owners. Reports must be submitted in accordance with the following deadlines:

      1. Entities registered before the rule’s publication must file within 30 days after the rule’s publication in the Federal Register.

      2. Entities registered on or after the rule’s publication must file within 30 days of receiving notice that their registration is effective.

FinCEN's press release is available at: https://www.fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us.

What This Means for Your Entity:

 Domestic entities—including limited liability companies, corporations, limited partnerships, and similar entities—are no longer required to file BOI reports with FinCEN or update/correct previously filed reports.

 Foreign entities registered to do business in the United States must continue to report BOI and comply with the new filing deadlines, although, they are not required to report information about beneficial owners that are U.S. persons.

 If you have any questions regarding this notice, please contact us at cta@bllawgroup.com.

 
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