The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule revising the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This rule exempts domestic reporting companies from BOI reporting obligations.
What This Means
- Domestic reporting companies and their beneficial owners are no longer required to file or update previously submitted BOI reports.
- A domestic reporting company is an entity formed under the laws of a U.S. state or territory.
- A foreign reporting company is an entity created under the laws of a foreign jurisdiction and is still subject to BOI reporting.
What You Need to Do
If your company was formed in the U.S., no action is needed at this time. However, if you believe your company falls under foreign jurisdiction or you have additional foreign entities, please contact us immediately, as those entities must still comply with reporting requirements.
We will continue to monitor regulatory changes and provide updates if any new requirements arise.