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Interim Final Rule on BOI Reporting

ARTICLE | March 26, 2025

Authored by Schlenner Wenner & Co


The U.S. Financial Crimes Enforcement Network (FinCEN) recently issued an interim final rule that significantly alters the reporting requirements for beneficial ownership information (BOI). As per the new rule, U.S. companies and U.S. persons are no longer required to report BOI to FinCEN under the Corporate Transparency Act (CTA). The definition of a "reporting company" has been revised to only include entities that are formed under the law of a foreign country and registered to do business in the U.S.

This revision effectively exempts all U.S.-formed entities, previously known as "domestic reporting companies", from BOI reporting requirements. It also exempts U.S. persons from having to provide BOI to any foreign reporting company for which they are a beneficial owner.

The interim final rule also sets new deadlines for foreign entities to report BOI. Existing foreign entities now have an additional 30 days from the date of publication of the interim final rule to file their BOI reports. This change comes as a relief to U.S.-formed businesses and is expected to reduce the regulatory burden on them.

Read more here: FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies | FinCEN.gov

Please contact our offices with any questions regarding BOI Reporting- we'll be happy to help.

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