FinCEN's Interim Final Rule
The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury (the Treasury), issued an interim final rule that limits required beneficial owner information (BOI) reporting to only foreign reporting companies. All entities created in the U.S. are exempt from BOI reporting.
Exemptions for U.S. Entities and U.S. Owners
Effective March 26, 2025, the rule also exempts U.S. persons who are owners of a foreign reporting company from the required disclosures. The rule follows the announcement made by Secretary Scott Bessent that the Treasury would issue new rules to exempt domestic companies from BOI reporting and focus BOI reporting on foreign companies operating in the United States.
Deadline Extensions for Foreign Reporting Companies
The interim rule also extends the deadline for foreign reporting companies to file an initial or corrected report. An existing company will have 30 days from the date the rule is published in the Federal Register. New foreign reporting companies will have 30 days after registering to do business in the U.S. to file an initial BOI report.
Invitation for Comments and Finalization Plans
FinCEN will accept comments on the interim rule and plans to make the rule final before the end of 2025.
Related Insights
- Alert: FinCEN Announces New Deadline for Beneficial Owner Information (BOI) Reporting
- Alert: Supreme Court Lifts Injunction on Beneficial Owner Information (BOI) Reporting
Disclaimer
Cherry Bekaert is not offering consulting or compliance assistance to clients for BOI reporting under the Corporate Transparency Act (CTA). We recommend that clients view the resource materials posted on the FinCEN BOI website. We also encourage businesses, owners and executives to discuss BOI reporting with their attorneys.
