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FinCEN Eliminates BOI Reporting for U.S. Entities and U.S. Persons

An interim final rule was issued last Friday by FinCEN stating that all 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 under the Corporate Transparency Act.

Foreign companies (that do not qualify for an exemption) must file their BOI report within 30 days of this rule (April 30, 2025) or within 30 days from their formation date, if formed after March 22, 2025. These foreign entities, however, do not have to report U.S. persons as Beneficial Owners. Also, U.S. persons will not be required to report BOI for any foreign company they own.

As of today, FinCEN intends to finalize this interim rule this year. We will continue to monitor this ever-changing situation.

If you have any questions, please feel free to reach out to one of our professionals.

Santora CPA Group
Call us 302-737-6200