Article | Tax alert
New developments in beneficial ownership information reporting
March 27, 2025
In recent weeks, there have been several substantial developments relating to the beneficial ownership information (BOI) reporting requirements as outlined in the Corporate Transparency Act (CTA). Affected taxpayers can reference this page for the latest information on the status of BOI requirements.
Current status of BOI reporting requirements: On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that limits the application of the Corporate Transparency Act (CTA)’s Beneficial Ownership Information (BOI) reporting requirements to foreign entities and foreign nationals. The CTA was part of the Anti-Money Laundering Act of 2020.
Relevant developments
2025
March 21, 2025: As indicated above, FinCEN’s interim final rule limits BOI reporting requirements to foreign entities and foreign nationals. Per the FinCEN website, “[a]ll entities created in the United States — including those previously known as ‘domestic reporting companies’ — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN.” An accompanying press release outlines the following deadlines for foreign entities required to file:
- Reporting companies registered to do business in the United States before the date of publication of the IFR must file BOI reports no later than 30 days from that date.
- Reporting companies registered to do business in the United States on or after the date of publication of the IFR have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.