FinCEN Removes BOI Reporting Requirements for U.S. Companies under the Corporate Transparency Act

 Posted on March 24, 2025 in Business

FinCEN Removes BOI Reporting Requirements for U.S. Companies under the Corporate Transparency Act 

On March 21, 2025, FinCEN issued an interim final rule to remove the Beneficial Ownership Information ("BOI") reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act ("CTA"). As detailed in our prior blogs, the enforceability of the CTA has been in question for months and challenged in multiple courts throughout the country. 

FinCEN’s interim final rule narrows the BOI reporting requirements to foreign reporting companies. Notably, the new rule exempts foreign reporting companies from reporting the BOI of any U.S. individuals who are beneficial owners of the foreign company. These changes are consistent with the U.S. Department of Treasury’s March 2nd announcement to suspend enforcement of the CTA against U.S. Citizens and domestic reporting companies. FinCEN intends to issue a final rule this year.

Foreign entities that meet the new definition of reporting companies must adhere to the following reporting deadlines: 

• Foreign reporting companies registered to do business in the United States before March 21, 2025, must file BOI reports no later than April 20, 2025.

• Foreign reporting companies registered to do business in the United States on or after March 21, 2025, have 30 calendar days from their registration date to file an initial BOI report.

Please contact the attorneys at Mallery s.c. with any questions or concerns regarding the most recent CTA developments and news.