New Treasury Rule Exempts U.S. Businesses from BOI Reporting

Last Wednesday, March 26, the Treasury Department issued an interim final rule narrowing the Corporate Transparency Act’s beneficial ownership reporting requirement to apply only to foreign companies. Under the new rule, U.S. businesses are no longer required to report ownership details to the Financial Crimes Enforcement Network (FinCEN), while foreign entities registered to do business in the U.S. must still comply. The rule takes effect immediately, though FinCEN is accepting comments before finalizing it later this year. Treasury Secretary Scott Bessent emphasized the move as part of an effort to ease regulatory burdens on American businesses. FinCEN’s decision follows its earlier announcement that it would not enforce the CTA against U.S. companies, nor impose penalties for noncompliance. Reporting deadlines now apply only to foreign entities.

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