FinCEN Removes BOI Reporting Requirements for Domestic Reporting Companies
Late on Friday, March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that significantly changed the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements.
What Has Changed?
Effective immediately, companies formed in the United States also known as domestic reporting companies are exempt from BOI reporting. This means that the vast majority of U.S. businesses no longer need to file BOI reports, make ongoing updates, or correct previously submitted information.
Who Still Needs to Report?
FinCEN has redefined “reporting company” to include only foreign entities that have registered to do business in a U.S. state. Previously, these were referred to as “foreign reporting companies.” For example, an entity formed in Ireland and registered as a foreign entity in New York would generally be required to report, unless otherwise exempt.
These foreign reporting companies must meet the following BOI filing deadlines:
- Entities registered before March 21, 2025, must file BOI reports by April 20, 2025.
- Entities registering on or after March 21, 2025, must file their initial BOI reports within 30 calendar days of their effective registration date.
Additionally, foreign entities are not required to report any U.S. persons as beneficial owners and U.S. persons are not obligated to provide BOI for such entities.
Stay Informed
FinCEN is accepting public comments on this interim final rule and plans to finalize it later this year. To read the full details, visit FinCEN’s official press release.
