Dear Clients,
We wanted to inform you about a significant update from the Financial Crimes Enforcement Network (FinCEN) regarding the Beneficial Ownership Report (BOI) under the Corporate Transparency Act.
What’s Changed?
As of March 2025, U.S.-based companies and U.S. individuals are no longer required to report beneficial ownership information (BOI) to FinCEN.
Who’s Now Exempt:
- Any company formed in the United States
- Any U.S. person who is a beneficial owner
This means most small businesses, LLCs, corporations, and similar domestic entities are no longer required to file the BOI report that was previously mandated.
Who Must Still File?
Only foreign entities (companies formed outside the U.S.) that are registered to do business in a U.S. state must still report their beneficial owners — but only if they don’t qualify for another exemption.
Please reach out with any questions or to review your specific situation.
We hope you have a great summer! As a reminder, our offices will be closed on Friday’s starting June 6th through August 22nd.
