On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) released an interim final rule with critical changes to the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This rule significantly revises the definition of a “reporting company,” bringing new deadlines and exemptions into effect.
Key Updates:
• Domestic Entities Exempt: The interim final rule removes the BOI reporting requirement for U.S.‐based entities and their beneficial owners.
• Focus on Foreign Reporting Companies: Reporting requirements now apply only to foreign entities registered to do business in the United States. These companies must file BOI reports with FinCEN but are exempt from reporting U.S. persons as beneficial owners.
• New Filing Deadlines: Foreign entities registered before March 21, 2025, must file their BOI reports within 30 days of the rule’s publication. Entities registered after this date have 30 calendar days post‐registration to comply.
This move aims to streamline compliance, alleviating the administrative burden for domestic businesses while addressing entities that pose potential national security risks. Additionally, public comments on the rule are being accepted as FinCEN works toward issuing a final rule later this year.
Practical Implications for Your Business: Understanding and navigating the revised reporting requirements is crucial for entities impacted by the changes. Whether you’re seeking to determine compliance obligations or require assistance with filing, HSC/Tuscan & Company, P.A. is here to help.
