The Corporate Transparency Act
Task Force
Task Force
What You Need to Know
The Corporate Transparency Act
Task Force
Task Force
What You Need to Know
On September 30, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a highly anticipated rule (the BOI Reporting Rule) that implements the ultimate beneficial ownership information (BOI) reporting requirements of the Corporate Transparency Act (the CTA).
The CTA, which is part of the Anti-Money Laundering Act of 2020 (the AML Act) and enacted into law as a part of the National Defense Authorization Act for Fiscal Year 2021, established BOI reporting requirements for the vast majority of privately held corporations, limited liability companies and other similar entities created in, or registered to do business in, any of the states in the United States (U.S.), including the District of Columbia, Puerto Rico and other U.S. territories (collectively, Reporting Companies).
The BOI Reporting Rule became effective on January 1, 2024, and that day, FinCEN began accepting beneficial ownership information reports. The CTA and BOI Reporting Rule were challenged immediately, with various courts across the country taking conflicting views on their legality.
In February 2025, FinCEN announced that it would not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update BOI reports pursuant to the CTA by the then-current deadlines. A month later, the U.S. Department of the Treasury took FinCEN’s announcement a step further, stating that it would not issue fines or penalties associated with the BOI Reporting Rule until an amended BOI Reporting Rule took effect.
On March 26, 2025, FinCEN published the amended BOI Reporting Rule (the Interim Final Rule), revising the definition of “Reporting Company” to exclude all entities created in the U.S. and their beneficial owners from the BOI Reporting Rule.
Frequently Asked Questions
Key Contacts
Key Contacts
Resources
FinCen: Beneficial Ownership Information Reporting FAQs
(Updated March 26, 2025)
On March 21, 2025, FinCEN issued another announcement and formally published the Interim Final Rule, revising the scope of beneficial ownership reporting to exclude domestic entities & U.S. persons, while setting new filing deadlines for entities previously known as “foreign reporting companies.”
On March 21, 2025, FinCEN issued another announcement and formally published the Interim Final Rule, revising the scope of beneficial ownership reporting to exclude domestic entities & U.S. persons, while setting new filing deadlines for entities previously known as “foreign reporting companies.”