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FinCEN Releases Interim Final Rule Regarding Beneficial Ownership Reporting
Cassidy Roell
Mar 21, 2025
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced significant updates to Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act. Below are the key details:
What Has Changed?
Removal of BOI Reporting for U.S. Companies and Persons
- FinCEN has issued an interim final rule that exempts U.S.-based entities and persons from BOI reporting requirements. This means that entities previously classified as “domestic reporting companies” are no longer required to report their beneficial ownership information.
Foreign Reporting Companies Now in Focus
- The term “reporting company” now applies only to foreign entities that are formed under the laws of a foreign country, and have registered to do business in the U.S. States or Tribal jurisdictions.
Exemptions for U.S. Persons
- U.S. persons who are beneficial owners of foreign reporting companies are not required to report their ownership under this rule.
Deadlines for Foreign Reporting Companies
- If registered before the publication date of the interim rule, foreign reporting companies must file their BOI report within 30 days of that date.
- If registered on or after the publication date, they will have 30 calendar days from the effective registration notice to file their initial BOI report.
Next Steps
FinCEN is currently accepting comments on the interim final rule and is expected to finalize the rule later this year. If you have operations tied to foreign entities or need clarity on your reporting obligations, reach out for help to ensure compliance with the updated regulations.
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Cassidy works with business owners to establish accounting processes and financial controls that produce efficiencies, insights and forward-looking…
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