Corporate Transparency Act Update – March 2025
FinCEN has issued a new interim final rule for the Corporate Transparency Act (“CTA”). This new version of the CTA rules exempts all companies defined as “domestic reporting companies” from reporting their beneficial ownership information (“BOI”). Under the new rules, only companies formed in foreign countries or domestic companies wholly owned by foreign individuals are required to report their BOI.
The new interim final rule is open for public comment, and FinCEN expects to finalize it later this year.
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