Mortgage
FinCEN Removes BOI Reporting Requirements for U.S. Companies
Articles by: Richey May, Mar 25, 2025
Interim Final Rule Issued March 21st, 2025
The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that significantly changes the landscape for U.S. companies and individuals. This change removes the requirement for U.S. companies at U.S. persons to report beneficial ownership information (BOI) to FinCEN.
Key Changes:
- U.S. Companies Exempt: All entities created in the United States, including those previously known as “domestic reporting companies,” are now exempt from BOI reporting requirements.
- U.S. Persons Exempt: U.S. persons are no longer required to report BOI for any entity for which they are a beneficial owner.
- Foreign Entities: Only entities formed under foreign law and registered to do business in the U.S. are now considered “reporting companies.”
- New Deadlines for Foreign Entities:
- Those registered before the publication date of the interim final rule: 30 days from that date to file BOI reports.
- Those registered on or after the publication date: 30 calendar days after receiving notice of effective registration.
What This Means for You:
This interim final rule appears to eliminate the need for BOI reporting to FinCEN under the CTA for U.S.-based companies and individuals. However, Richey May encourages you to seek legal counsel to ensure you properly fulfill your BOI reporting obligations, if any.
While this interim final rule is effective immediately, FinCEN is accepting comments and intends to finalize the rule later this year. Monitor for additional updates and subscribe to mail alerts on the FinCEN website. View the Interim Final Rule here.
For more information or questions regarding these new changes from FinCEN, please reach out to your Mortgage Banking Tax Expert at Richey May or contact us at info@richeymay.com.