Breaking News: FinCEN Eliminates BOI Reporting Requirements for U.S. Companies and Individuals
Date: March 24, 2025
In a major development on March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that dramatically scales back the scope of the Corporate Transparency Act (CTA) — U.S. companies and individuals are no longer required to file Beneficial Ownership Information (BOI) reports.
What Changed?Under the new rule, the term “reporting company” has been narrowed. BOI reporting is now required only for foreign entities that have registered to do business in the United States. This means that entities created under U.S. law — such as corporations and LLCs formed by filing with a U.S. state or tribal authority — are no longer subject to BOI reporting. If your business is a domestic entity, you’re now exempt.
What This Means for You- If you’re a domestic entity and have already filed a BOI report, no further action is needed. Your submission remains on record.
- If you haven’t filed yet, there’s no need to. You’re now fully exempt from the reporting requirement.
- If you’re a foreign company registered to do business in the U.S., BOI reporting still applies:
- Registered before March 21, 2025? You have 30 days from the date the interim final rule is published to file.
- Registered on or after March 21, 2025? You must file within 30 days of receiving notice of your effective registration.
FinCEN is currently accepting public comments on the interim final rule and intends to finalize it later this year.
If you have any questions about how this change may affect your business, you may reach out to KPPB LAW Attorney Parav Patel at ppatel@kppblaw.com. For more information, refer to FinCEN’s official announcement.
