BOIR Ruling EXEMPTS U.S. Persons and U.S. Entities!

FinCEN announced on March 21st, 2025 an article titled,  “FinCEN Removes Beneficial Ownership Requirements for U.S. Companies and U.S. Persons, Sets New Deadline for Foreign Companies.”  The title says it all.

 

March 2nd, 2025, the U.S. Department of the Treasury issued an interim final rule removing the requirement for U.S. Companies and U.S. Persons to report Beneficial Ownership Reports to FinCEN under the Corporate Transparency Act.  The entire point of this law was to cut down on nefarious actors using corporate entities for fraud and such.

 

What this means for you:  if you are a U.S. person previously required to file the BOI with FinCEN, you are now exempt.  Thank you Trump Administration!  Keep in mind, that the law will remain on the books.  In the future, a new administration could change these reporting requirements.  For now, we’re all safe.

 

It is important to know, that non-U.S. Persons or entities doing business in the U.S. are still required to file the BOI within 30 days of formation.  If you are a partner with a non-U.S. person,  you are not required to file the BOI, however, your foreign partner will be required to file the report within 30 days.  It appears that non-U.S. Persons will have until April 25, 2025, to file the BOI.  The penalty is $591 per day, per shareholder with possible jail time for not complying.  

 

If you have any friends, family members, or business associates operating with a business entity within the United States, you may want to remind them of this ruling.  If you’ve already filed the BOI report, you don’t need to do anything. Prior to this ruling, you would have been required to update FinCEN if you moved your primary residence or changed ownership.  This is no longer required.  I sincerely hope this is the last update we will ever have to give regarding the Corporate Transparency Act.  Then again, laws can always change in the future.  NCH will be sure to update you appropriately if there are any changes.

 

With NCH, the state’s top business formation service, you can register your LLC in Nevada quickly and easily. Our specialists will help you choose the right entity for your company and understand why an LLC in Nevada is your best option. We’ll assist you with all necessary Nevada LLC forms, including the vital Articles of Organization, and help you comply with state regulations. In addition, we offer expert assistance with tax compliance, credit building, and payroll management. Schedule a private consultation to explore effective solutions to minimize tax liabilities and protect your wealth. Start unleashing your LLC’s full potential today with NCH. Schedule a consultation with Adam Kintigh today!

DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.

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