March 28, 2025
On March 21, 2025, Financial Crimes Enforcement Network (FinCEN), of the U.S. Department of Treasury which enforces the Corporate Transparency Act (CTA) issued an interim final rule removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN. The final rule is anticipated to be issued and in effect this year.
See the full FinCEN update here: https://www.fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us
Based upon the foregoing, common interest community entity BOI filings are no longer required. Should you have any questions about the impact of this update for your entity, please contact your Rees Broome, PC attorney.
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