BOI Reporting Is No Longer Required for U.S. Companies

Breaking News: BOI Reporting No Longer Required for U.S. Companies

In a major shift, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule on March 21, 2025, that removes the requirement for U.S. businesses and individuals to report Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA).

If you have been following along on your own, BOI reporting has been a whirlwind since the initial requirement deadline took place.

What Changed?

• U.S. companies and U.S. persons are NO LONGER required to report BOI to FinCEN.
• The definition of a “reporting company” now only applies to foreign entities that have registered to do business in the U.S.
• U.S. persons who are beneficial owners of foreign entities are also exempt from reporting requirements.
• No penalties or fines will be enforced against U.S. citizens or domestic reporting companies for prior non-compliance.

 Who Still Needs to Report?

Only foreign entities that register to do business in a U.S. state or Tribal jurisdiction must file BOI reports. These entities:

• Must file within 30 days of the rule’s publication if registered before that date.
• Have 30 days after receiving notice of registration if registered after the publication date.

 Timeline of Key Events & Court Proceedings

✔ January 1, 2024 – FinCEN’s BOI reporting rule takes effect, requiring most U.S. entities to file.

✔ March 1, 2024 – Initial guidance issued on reporting compliance.

✔ November 14, 2024 – The U.S. District Court for the Northern District of Alabama rules the Corporate Transparency Act unconstitutional, creating legal uncertainty.

✔ March 2, 2025 – The Department of the Treasury announces plans to revise BOI requirements, signaling a regulatory shift.

✔ March 21, 2025 – FinCEN issues an interim final rule officially removing BOI reporting requirements for U.S. businesses.

✔ March 2025 & Beyond – Foreign entities must comply with new deadlines for BOI reporting.

What This Means for You

If you are a U.S. business owner, you no longer need to file a BOI report with FinCEN. If you previously filed or were preparing to file, no further action is required.