- After a protracted period of legal wrangling over much of the past year and into early 2025, including the transition between two presidential administrations, FinCEN (the Financial Crimes Enforcement Network) on March 21, 2025 issued an interim final rule that “removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.” The FinCEN news release can be found here, it notes the FinCEN definition of a “reporting company,” those who will be exempt from the requirement, and those who meet a new definition of a “reporting company” who do not qualify for exemption.
- Cowles Thompson has kept watch on this topic for the past several months. Our most recent article (updated March 3, 2025) includes background on court/appellate activities.
- Should you have further questions, please contact your CPA. In the meantime, for this and other legal advising, our attorneys are available – including our Business Law and Employment Law teams.
