03-24-25 FinCEN Removes Corporate Transparency Act (CTA) Reporting Requirements for US Companies and US Persons
On March 21, 2025, FinCEN issued an interim final rule removing the requirement for U.S. companies and U.S. persons to comply with the CTA. Specifically, the rule limits the “reporting company” definition to entities formed under non-U.S. law that have registered to do business in the U.S. In addition, the rule exempts foreign reporting companies from having to provide the beneficial owner information (“BOI”) of any U.S. person, and exempts U.S. persons from having to provide their BOI. Foreign reporting companies that are not otherwise exempt from reporting must comply with CTA no later than 30 days from the rule’s publication in the Federal Register. You can read FinCEN’s press release and access the interim final rule here: https://fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us.
If you have any questions, please reach out to Kate Polozie, Esq. at (585) 987-2910 or kpolozie@woodsoviatt.com, Danielle Ridgely, Esq. at (585) 987-2914 or dridgely@woodsoviatt.com, or another member of the Business and Tax Department at Woods Oviatt Gilman LLP.
