U.S. Businesses No Longer Required to Report BOI

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that eliminates the Beneficial Ownership Information (BOI) reporting requirement for U.S. companies and individuals under the Corporate Transparency Act (CTA).

Key Updates:

U.S. Companies & Individuals Are Exempt: If you own or operate a U.S.-based business, such as an LLC, you are no longer required to report BOI to FinCEN. This includes entities previously classified as "domestic reporting companies."

Foreign Entities Must Still Report: Only businesses formed under foreign laws that register to operate in the U.S. are still required to comply with BOI reporting requirements.

For more details, you can also visit FinCEN’s official announcement: FinCEN Website.