If you’re a business owner, you’ve likely been keeping up with the ongoing discussions regarding the Financial Crimes Network’s Beneficial Ownership Information reporting requirements established by the Corporate Transparency Act.
At this time, there are no requirements for US companies and US individuals to report beneficial ownership information (BOI) to the Financial Crimes Network (FinCEN). This means that all entities created in the United States, including those that were previously known as “domestic reporting companies” and the relevant beneficial owners, are currently exempt from the requirement to file a BOI Report with FinCEN.
The definition of “reporting company” has now been revised to mean only entities formed under the law of a foreign country and that have registered to do business in the United States. Unless these entities qualify for an exemption, they must file a BOI Report to FinCEN by the following dates:
- For those registered to do business in the US before the date of publication of the Interim Final Rule issued in March 2025, the report must be filed no later than 30 days from that date.
- For companies registered to do business in the US after the date of publication of the Interim Final Rule, they have 30 calendar days after receiving notice that their registration is effective to file the initial BOI report.
Foreign entities required to file a BOI Report are not required to report any US individuals as beneficial owners, and US individuals are not required to file a BOI report on any entity for which they are a beneficial owner.
The rules here are frequently changing and important to follow to ensure compliance. If you have any questions regarding you or your entity’s BOI reporting requirements, consult with a Tax Professional today. Bryson is here to help!
