The Financial Crimes Enforcement Network (FinCEN) published an interim final rule, removing domestic entities from the definition of “reporting entities” which are required to file “beneficial ownership information” (BOI) reports under the Corporate Transparency Act (CTA).

This means that domestic corporations, LLCs, and partnerships are no longer required to file, or update, any BOI reports with FinCEN pursuant to the CTA.

Foreign entities are still required to file BOI reports, however the interim final rule extends the filing deadline for such entities for an additional thirty (30) days, until April 25, 2025. Further, foreign entities are now exempt from reporting any beneficial ownership information related to beneficial owners who are US persons.

A final rule fully incorporating the changes of the interim final rule is expected to be issued within the year.

NSSF® supports the decision by the Treasury to remove this intrusive and burdensome reporting requirement from U.S. businesses. NSSF will continue to support ongoing legal and legislative challenges to the CTA, and will monitor regulatory activities to ensure our members are advised of any important changes.