We have important news regarding the Corporate Transparency Act (CTA) and the requirement to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
BOI Reporting Requirement Removed
On March 21, 2025, FinCEN issued an interim final rule that formally removes all BOI reporting requirements for U.S. companies and U.S. persons. This means that if you own a domestic corporation, an LLC, or a similar U.S. entity, you are no longer required to file a BOI report. You also do not need to update any report previously filed. The March 21, 2025 deadline is officially no longer in effect.
This change aligns with the U.S. Treasury Department’s earlier announcement, on March 2, 2025, emphasizing support for small businesses and the need to tailor enforcement to the public interest.
The BOI reporting requirement still applies to foreign companies registered in the U.S. Under the new rule:
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Foreign entities registered in the United States before March 26, 2025, must file their BOI report by April 25, 2025.
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Foreign entities registered on or after March 26, 2025, must file within 30 days of receiving confirmation of their U.S. registration.
The interim rule also clarifies that U.S. persons are no longer required to report BOI in connection with any foreign entity, even if they are beneficial owners.
Next Steps
This is a significant change, and it affects millions of U.S. small businesses. If you have already filed a BOI report, no further action is required—and there is no need to update the information. If you want to discuss BOI reporting, please contact TrueBlaze Advisors with any questions.
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