Beneficial Ownership Information Reporting Requirement Revisions and Deadline
On March 21, 2024, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that significantly narrows the scope of beneficial ownership information (BOI) reporting requirements pertaining to the Corporate Transparency Act (CTA).
The revised rule removes the requirement that U.S. companies and U.S. persons report BOI to FinCEN. The rule also removes the requirement that foreign companies report BOI for U.S. persons. Additionally, the rule extends the previously set March 21, 2025, BOI report filing deadline by 30 days, and requires newly registered foreign companies to file a BOI report within 30 days after receiving notice that their registration is effective.
FinCEN has implemented a 60-day public comment period and intends to issue a final rule before the end of the year. New filings can be submitted on CapitolBCM.