The Financial Crimes Enforcement Network (FinCEN) has finalized the rule that removes Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). This final rule largely adopts the interim final rule issued on March 21, 2025, making the changes permanent.
What Changed?
While not much has changed since the interim rule was issued, the final rule confirms that:
- U.S. companies are no longer required to file BOI reports with FinCEN.
- U.S. persons are no longer required to report beneficial ownership information for entities in which they are beneficial owners.
- BOI reporting requirements now generally apply only to certain foreign entities that are registered to do business in the United States.
What This Means for Your Business
For most U.S.-based businesses, the final rule officially eliminates the BOI reporting obligations that were previously scheduled under the CTA. Companies that delayed filing while legal and regulatory challenges unfolded now have greater clarity regarding their reporting responsibilities.
Businesses with foreign ownership structures or foreign entities registered in the United States should review the final rule carefully to determine whether any reporting requirements still apply.
For additional details on the final rule, visit the AICPA’s summary article: Final Rule Will Eliminate BOI Reporting for U.S. Entities.
If you have questions about how these changes may affect your organization, contact your Richey May advisor for assistance.
