Beneficial Ownership Information Reporting No Longer Required for Domestic Companies
We wish to provide you with the latest information available about the Corporate Transparency Act (“CTA”); specifically changes related to the beneficial ownership information (“BOI”) report filing requirements for reporting companies.
On Friday, March 21, 2025 (previously the extended filing deadline for most reporting companies), the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (“FinCEN”), the bureau charged with coordinating and enforcing the CTA, issued a press release advising that, consistent with the U.S. Department of the Treasury’s March 2, 2025 statement, FinCEN has issued an interim final rule that provides that U.S. companies and U.S. persons no longer have to report BOI to FinCEN under the CTA. The interim final rule changes the definition of “reporting company” in the enacted CTA to mean only those entities that are formed under the law of a foreign country and that have registered to do business in a U.S. state or tribal jurisdiction by the filing of a document with a secretary of state or similar office. This means that the vast majority of McMillan Metro Faerber, P.C. clients are no longer required to report BOI as previously required under the CTA.
If you would like to read FinCEN’s press release, you can view that here.
If you would like to read FinCEN’s interim final rule, you can view that here.
In light of these changes, it would appear that most pending legislation and outstanding litigation will have little, if any, impact on McMillan Metro Faerber, P.C. clients. As always, however, please do not hesitate to reach out if you have questions about the CTA or any other legal matters.
Sincerely,
McMillan Metro Faerber, P.C.
Corporate & Business Law Practice Group
