FinCEN BOI report filing

Important Update for U.S. Business Owners and LLC Founders: FinCEN BOI Reporting Requirements Revised.

Effective March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that significantly changes Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

Key Changes: * U.S. Domestic Entities Exempt: All entities created in the United States, including corporations and LLCs, and their U.S. beneficial owners, are now exempt from reporting BOI to FinCEN.

This means if your entity was formed in the U.S., you are no longer required to file BOI reports with FinCEN. * Foreign Entities Still Required to File: The revised definition of "reporting company" now primarily applies to entities formed under the law of a foreign country that have registered to do business in any U.S. state or tribal jurisdiction. * Deadlines for Foreign Entities: If registered to do business in the U.S. before March 26, 2025, reports are due by April 25, 2025.

If registered on or after March 26, 2025, reports are due within 30 calendar days after registration becomes effective or notice is received. * U.S. Persons' BOI Exempt: Foreign reporting companies do not need to report BOI for U.S. persons. * Penalties for Non-Compliance: Willful failure to report or providing false information can lead to civil penalties of up to $500 per day and criminal penalties, including fines up to $10,000 and/or imprisonment.

A safe harbor provision exists for corrections made within 90 days. Actionable Steps for U.S.

Business Owners/LLC Founders:

Important Update for U.S. Business Owners and LLC Founders: FinCEN BOI Reporting Requirements Revised.

Effective March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that significantly changes Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

Key Changes: * U.S. Domestic Entities Exempt: All entities created in the United States, including corporations and LLCs, and their U.S. beneficial owners, are now exempt from reporting BOI to FinCEN.

This means if your entity was formed in the U.S., you are no longer required to file BOI reports with FinCEN. * Foreign Entities Still Required to File: The revised definition of "reporting company" now primarily applies to entities formed under the law of a foreign country that have registered to do business in any U.S. state or tribal jurisdiction. * Deadlines for Foreign Entities: If registered to do business in the U.S. before March 26, 2025, reports are due by April 25, 2025.

If registered on or after March 26, 2025, reports are due within 30 calendar days after registration becomes effective or notice is received. * U.S. Persons' BOI Exempt: Foreign reporting companies do not need to report BOI for U.S. persons. * Penalties for Non-Compliance: Willful failure to report or providing false information can lead to civil penalties of up to $500 per day and criminal penalties, including fines up to $10,000 and/or imprisonment.

A safe harbor provision exists for corrections made within 90 days. Actionable Steps for U.S.

Business Owners/LLC Founders:

Confirm Entity Origin

If your entity was formed in the U.S., you are exempt from federal BOI filing.

Foreign Entities

If your entity is foreign and registered in the U.S., determine your filing deadline and review FinCEN's 23 exemptions.

Consult Counsel

Given these significant regulatory changes, it is highly recommended to consult legal counsel to confirm your specific obligations.