Final rule will eliminate BOI reporting for US entities

Treasury’s FinCEN said it will soon issue a final rule that permanently removes the requirement for U.S. companies and persons to report beneficial ownership information under the Corporate Transparency Act.

The final rule is effective once published in the Federal Register. FinCEN also will delete previously reported information by U.S. persons — now exempt from the reporting requirements — from the BOI database, the news release said.

Under the final rule, foreign entities that are reporting companies will still be required to report BOI for foreign individuals. FinCEN also issued an FAQ to clarify the changes. Learn more.