FinCEN interim final rule revises the definition of “reporting company”
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it has issued an interim final rule that eliminates the Beneficial Ownership Information (BOI) reporting requirement for all U.S. companies and U.S. persons.
However, the BOI reporting requirement is still contained in the Corporate Transparency Act (CTA). As a result, non-U.S. companies with certain contacts in the United States will still have to file a BOI report.
FinCEN is accepting comments on this interim final rule and intends to finalize the rule this year.
Next steps
Background of the BOI reporting regulation
For many months now we have been reporting to you on the developments related to the requirement for U.S. companies and entities to report information concerning their BOI to FinCEN. This reporting requirement was part of the CTA and was originally to be effective on January 1, 2023. On March 2, 2025, the Treasury Department stated that it is halting all BOI/CTA enforcement activity against U.S. citizens and other reportable entities in support of the President’s agenda to rein in burdensome regulations, particularly for small businesses.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
