There has been , yet again, another significant update regarding Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report BOI to FinCEN.

Key Updates:

• U.S. companies and U.S. persons are no longer required to report BOI under the CTA.

• Foreign companies registered to do business in any U.S. state or Tribal jurisdiction must still file BOI reports.

• These foreign entities are not required to report any U.S. persons as beneficial owners.

• Deadlines for Foreign Reporting Companies:

  • Those registered before March 26, 2025, must file their BOI report within 30 days from that date.

  • Those registered on or after March 26, 2025, must file their initial BOI report within 30 calendar daysafter receiving notice that their registration is effective.

These changes significantly reduce reporting obligations for U.S. entities and individuals. If you have any questions about how this update affects your compliance requirements, please reach out to our team.