FinCEN Finalizes Interim Final Rule:

No CTA Reports Required for U.S. Companies

Earlier this month, we shared that the Treasury Department was planning a major shift in CTA enforcement. As of March 21, that change is official. FinCEN has issued an interim final rule that significantly reduces BOI reporting requirements.

What This Means for Your Business

FinCEN issued its interim final rule on March 21, 2025, making sweeping changes to how the Corporate Transparency Act is applied. Here are the most important updates business owners should know:

• If you’re a U.S. citizen or resident, you no longer need to be identified as a beneficial owner in any BOI filing. You also don’t have to provide your personal information to a company for that purpose.
• The CTA now applies only to entities formed abroad but registered to do business in a U.S. state or tribal jurisdiction. These are now the only businesses required to submit BOI reports.
• Foreign companies already registered before March 26, 2025, must file BOI reports by April 25, 2025. Those registering after that date have 30 calendar days from their registration to comply.
• Although this rule is already in effect, FinCEN is still accepting public comments through May 27, 2025. A final rule will be issued later this year.

Are you wondering about any of the issues mentioned above? Please email us at info@wilkinsonlawllc.com or call (732) 410-7595 for assistance.

At Wilkinson Law, we give business owners the clarity they need to fund, grow, protect, and sell their businesses. We are trustworthy business advisors keeping your business on TRACK: Trustworthy. Reliable. Available. Caring. Knowledgeable.®