Corporate Transparency Act Interim Final Rule Issued

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an interim final rule on March 21, 2025 that recalibrates the Corporate Transparency Act (CTA). Among other changes, it removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN and revises the definition of "reporting company" to mean only those entities that are formed under foreign law and have registered to do business in any U.S. state or Tribal jurisdiction.

The interim final rule also excludes BOI reporting of U.S. persons (as defined in the Internal Revenue Code) who are beneficial owners of foreign reporting companies and imposes new BOI reporting deadlines for foreign reporting companies.