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Subject: Major BOI/FinCEN Update: What US LLC Founders Need to Know Now. Dear US Business Owner, Significant changes have arrived for beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA)!

FinCEN's interim final rule (IFR), published March 26, 2025, has dramatically narrowed who needs to report. Here's the essential update you need to know: Most U.S.-Formed Entities Are Now EXEMPT!

If your company was formed under U.S. law (e.g., a domestic LLC or corporation), you are generally no longer required to report BOI to FinCEN. This is a major reduction in compliance burden for many.

Foreign Entities Registered in the U.S. Still Report.

If your entity was formed under foreign law and is registered to do business in a U.S. State or Tribal jurisdiction, you are still considered a "reporting company" (unless another exemption applies).

New Deadlines for Foreign Reporting Companies: Registered before March 26, 2025: File by April 25, 2025. Registered on or after March 26, 2025: File within 30 calendar days after registration is effective.

No U.S. Persons to Report for Foreign Entities: Foreign reporting companies do not need to report U.S. persons as beneficial owners.

What You Should Do Now: For Domestic U.S. Entities: Document your exempt status under the IFR.

Continue to maintain accurate internal records of ownership and control, and monitor FinCEN for any future rulemaking or litigation developments. For Foreign Entities Registered in the U.S.: 1.

Identify: Collect BOI for all non-U.S. beneficial owners and company applicants (if applicable for entities created after Jan 1, 2024).

Subject: Major BOI/FinCEN Update: What US LLC Founders Need to Know Now. Dear US Business Owner, Significant changes have arrived for beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA)!

FinCEN's interim final rule (IFR), published March 26, 2025, has dramatically narrowed who needs to report. Here's the essential update you need to know: Most U.S.-Formed Entities Are Now EXEMPT!

If your company was formed under U.S. law (e.g., a domestic LLC or corporation), you are generally no longer required to report BOI to FinCEN. This is a major reduction in compliance burden for many.

Foreign Entities Registered in the U.S. Still Report.

If your entity was formed under foreign law and is registered to do business in a U.S. State or Tribal jurisdiction, you are still considered a "reporting company" (unless another exemption applies).

New Deadlines for Foreign Reporting Companies: Registered before March 26, 2025: File by April 25, 2025. Registered on or after March 26, 2025: File within 30 calendar days after registration is effective.

No U.S. Persons to Report for Foreign Entities: Foreign reporting companies do not need to report U.S. persons as beneficial owners.

What You Should Do Now: For Domestic U.S. Entities: Document your exempt status under the IFR.

Continue to maintain accurate internal records of ownership and control, and monitor FinCEN for any future rulemaking or litigation developments. For Foreign Entities Registered in the U.S.: 1.

Identify: Collect BOI for all non-U.S. beneficial owners and company applicants (if applicable for entities created after Jan 1, 2024).

File

Use the FinCEN BOI E-Filing system (boiefiling.fincen.gov) to submit your initial report by the new deadlines.

Update

Report any changes or inaccuracies within 30 days. If you previously filed and are now exempt, file an updated report indicating your new exempt status. Important Note on Penalties: Willful violations can lead to significant civil and criminal penalties. However, correcting mistakes within 90 days of the deadline may help avoid penalties. Stay Informed: FinCEN is accepting comments on this IFR and plans to issue a final rule. We recommend subscribing to FinCEN updates and consulting with corporate counsel or a CPA for specific guidance.