BOI Reporting is over! Well, except for foreign companies.
- Latoya J. Jessamy
- 5 days ago
- 1 min read
On March 21, 2025, FinCEN issued an interim final rule that formally removes all BOI reporting requirements for U.S. companies and U.S. persons. This means that if you own a domestic corporation, an LLC, or a similar U.S. entity, you are no longer required to file a BOI report. You also do not need to update any previously filed reports.
However, the BOI reporting requirement still applies to foreign companies registered in the U.S. Under the new rule:
Foreign entities registered in the United States before March 26, 2025, must file their BOI report by April 25, 2025.
Foreign entities registered on or after March 26, 2025, must file within 30 days of receiving confirmation of their U.S. registration.
The interim rule also clarifies that U.S. persons are no longer required to report any beneficial ownership information in connection with a foreign entity, even if they are beneficial owners.
This is a significant change that affects millions of U.S. small businesses. If you have already filed a BOI report, no further action is required, and there is no need to update the information.
