DEPT OF TREASURY EXEMPTS US COMPANIES AND PERSONS FROM BOI REPORTING
WHAT YOU NEED TO KNOW
To summarize, the Department of Treasury has now exempted U.S. companies and U.S. persons from BOI reporting requirements under the CTA. At this time, there is no legal requirement for U.S. Companies or persons to register BOI information. We do not expect this rule to change in the near future.
DETAILS
For those of you who have been following the updates on the on-again, off-again Corporate Transparency Act (“CTA”), we appear to finally have some certainty. As conveyed in our prior update, the Department of Treasury had ceased enforcement of the CTA against American companies and persons. On March 26, 2025, the Department of the Treasury took the next step to exempt American companies and persons from reporting Beneficial Ownership Information (“BOI”) to the U.S. Department of Treasury’s Financial Crimes Unit (“FinCEN”). This removes the requirement of BOI registration for domestic reporting entities under the CTA. U.S. persons are further exempt from reporting requirements. While foreign reporting companies will still need to register, beneficial owners of the foreign company who are U.S. persons will not need to file their beneficial ownership information, nor will they be required to provide BOI to the foreign reporting company.
WHERE CAN I READ MORE?
The Department of Treasury’s summary press release is found here: https://home.treasury.gov/news/press-releases/sb0060 and the full text of the interim final rule issued by the Department of Treasury is found here: https://www.federalregister.gov/documents/2025/03/26/2025-05199/beneficial-ownership-information-reporting-requirement-revision-and-deadline-extension.
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