FinCEN Scraps BOI Reporting For US Businesses

In yet another twist in the on again off again saga of the Corporate Transparency Act and Beneficial Ownership Information, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing the requirement for US companies and US people to report.  The interim final rule defines “reporting companies” as applying only to foreign entities registered to do business in the US, or a Tribal jurisdiction.  Therefore, all entities created in the US and their beneficial owners will be exempt from the BOI reporting requirement.  Foreign entities that do not qualify for an exemption must file an initial report by April 25, 2025.  This rule is open for public comment and is supposed to be finalized later this year.  Stay tuned!