ARTICLE
In a sweeping reversal of policy, the Financial Crimes Enforcement Network (FinCEN) announced earlier this week that it has issued an interim final rule eliminating the Beneficial Ownership Information (BOI) reporting requirement for all U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). This unexpected but significant shift aligns with the Department of the Treasury’s March 2, 2025 announcement and is effective immediately, ahead of its formal publication in the Federal Register. Key points: U.S.-formed LLCs, corporations, and other domestic entities no longer need to file BOI reports. U.S. individuals will not be treated as beneficial owners for any reporting purpose under the CTA. Only foreign entities registered to do business in the U.S. — and not otherwise exempt — must comply with the CTA’s reporting obligations. Click here for more information. If you previously began preparing BOI filings for U.S. entities or U.S. persons, those efforts can now be suspended. -- Welby, Brady, & Greenblatt, LLP.
In a sweeping reversal of policy, the Financial Crimes Enforcement Network (FinCEN) announced earlier this week that it has issued an interim final rule eliminating the Beneficial Ownership Information (BOI) reporting requirement for all U.S. companies and U.S. persons under the Corporate Transparency Act (CTA).
This unexpected but significant shift aligns with the Department of the Treasury’s March 2, 2025 announcement and is effective immediately, ahead of its formal publication in the Federal Register.
Key points:
Click here for more information.
If you previously began preparing BOI filings for U.S. entities or U.S. persons, those efforts can now be suspended. -- Welby, Brady, & Greenblatt, LLP.