On March 21, 2025, FinCEN announced an end to Corporate Transparency Act (CTA) reporting requirements for U.S. citizens and domestic companies.
In line with the U.S. Department of Treasury’s announcement earlier this month, FinCEN has issued an interim final rule narrowing the scope of beneficial ownership information (BOI) reporting under the CTA.
Under the interim final rule, reporting companies are now limited to “those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office.” Additionally, FinCEN explicitly confirmed that entities previously known as “domestic reporting companies” are exempt from BOI reporting requirements.
This announcement offers clear guidance and assurance to U.S. citizens and domestic companies, confirming that they are not required to submit BOI reports.
