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., you no longer have to report BOI to FinCEN. However, foreign businesses that meet the new “reporting company” definition and don’t qualify for an exemption will still need to submit BOI—though they won’t have to report any U.S. individuals as beneficial owners. Likewise, U.S. individuals won’t have to report BOI for any foreign company they own.

For foreign businesses that do need to report, here are the deadlines:

• If your company was already registered to do business in the U.S. before this rule was published, you have 30 days from the publication date to file your BOI report.
• If your company registers after the rule is published, you’ll have 30 calendar days from the date your registration becomes official.

FinCEN is currently accepting comments on this rule and plans to finalize it later this year.