We’re back with new information on the ever-changing Corporate Transparency Act (“CTA”).
On March 21, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued an Interim Final Rule removing the requirement for U.S. companies and U.S. individuals to report beneficial ownership information (“BOI”) to FinCEN under the CTA.
Here are the highlights of the Interim Rule, which is effective immediately:
- BOI reporting requirements no longer apply to “Domestic Reporting Entities” (U.S.-formed entities including corporations, limited liability companies, and other business structures registered under U.S. law).
- Domestic Reporting Entities (both new and existing) are no longer required to report BOI, and do not have to update or correct any BOI previously reported to FinCEN.
- BOI reporting regulations will only apply to entities defined as “Foreign Reporting Entities.”
- Businesses now defined as Foreign Reporting Entities have 30 days from March 21, 2025 to report BOI to FinCEN, and must report BOI of individual owners who are citizens of foreign countries.
You can read the full press release from FinCEN here.
We’ll continue to keep you updated on further information. In the meantime, please click here to read all of our recent CTA communications.
It is truly in your best interest to speak with an attorney regarding the CTA. As the CTA is not a tax matter or part of the tax code, and is also not within the scope of our client engagement or services provided to you, we are not able to provide you with any legal advice or counsel regarding the CTA. Attorneys have a particular expertise in this area and are the best equipped to help you.