The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the requirement for U.S. companies to report beneficial ownership information (BOI). This comes after the U.S. Dept. of the Treasury’s announcement that it’ll no longer enforce fines and penalties associated with the BOI reporting rule under the Corporate Transparency Act. Under the interim final rule, all entities created in the United States, including those previously known as “domestic reporting companies,” and their beneficial owners are exempt from the BOI reporting requirement. Only foreign reporting companies must report BOI. For more information from FinCEN: https://bit.ly/3DPfNyI
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