Following the U.S. Treasury Department’s March 2, 2025, announcement, the Financial Crimes Enforcement Network (FinCEN) is making a big change: in an interim final rule, U.S. companies and individuals will no longer have to report beneficial ownership information (BOI) under the Corporate Transparency Act.
With this interim final rule, FinCEN is updating the definition of a “reporting company.” Now, only businesses formed under the laws of another country and registered to do business in the U.S. by filing with a state or tribal office (formerly called “foreign reporting companies”) will need to report BOI. Meanwhile, U.S.-created entities (previously known as “domestic reporting companies”) are officially exempt from these reporting requirements.
In short, if your company was created in the U.S.,… Read the rest
