The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has permanently removed the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA).
Under the final rule, U.S.-formed companies and their beneficial owners are no longer required to file BOI reports with FinCEN. FinCEN also announced that it will delete previously reported BOI submitted by U.S. persons and U.S. companies that are now exempt from the reporting requirements.
The reporting requirements do, however, continue to apply to certain foreign entities that are formed under the laws of another country and registered to do business in the United States. Those entities must report information regarding their non-U.S. beneficial owners, subject to applicable exemptions.
Visit FinCEN.gov for additional information.
DISCLAIMER: This article is for informational purposes only. Any legal advice regarding your specific situation will require a new engagement with DRM.
