Sean Bryan’s Article: Domestic Entities and Persons Now Exempt from Corporate Transparency Act Filings
On March 26, the FinCEN department of the US Treasury Department issued an interim final rule modifying the existing Federal Regulations regarding filing Beneficial Ownership Reports (“BOI”) pursuant to the Corporate Transparency Act. These modifications:
i. Exempt all domestic entities from the obligation to file a BOI report or to report any changes or corrections to BOI reports already filed; and
ii. Continue to require foreign entities that file to do business in the US to file a BOI report, but exempt inclusion of any information about US owners or US control persons.
Because of various lawsuits that confused filing deadlines, FinCEN has set a new deadline for foreign reporting companies of 30 days after the interim final rule was published in the Federal Register. FinCEN is accepting public comment to the interim rule and expects to publish a final rule in 2025, but this interim final rule takes immediate effect.
It should be noted that the requirement to maintain correct information (including items such as a change of address) for individuals with existing FinCEN identifiers does not change and the interim final rule does not affect any other types of required reporting (e.g., lender KYC/AML laws).