On March 21, 2025, FinCEN issued a new interim final rule (IFR) removing the requirement for U.S. companies and U.S. persons to report BOI reports. The update follows a March 2, 2025, announcement by the Department of the Treasury to do so.
Reporting companies with filing requirements are now only entities formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by filing with a secretary of state or similar office. These entities were previously referred to as “foreign reporting companies.”
If these foreign entities do not qualify for a reporting exemption, they will be required to file BOI reports as follows:
Foreign entities required to file will not need to report any U.S. persons as beneficial owners.
More information can be found on FinCEN’s BOI reporting page HERE.
Published: 04/7/2025
Readers should not act upon information presented without individual professional consultation.
Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.