The Corporate Transparency Act (“CTA”) mandates that most legal entities (e.g., corporations, limited partnerships, LLCs) formed prior to 2024 file a Beneficial Ownership Information (“BOI”) report with the Financial Crimes Enforcement Network (FinCEN) by the end of 2024. The U.S. Treasury Department announced on March 2, 2025, that CTA penalties and enforcement will not apply to domestic businesses and that a new rule will narrow the CTA’s scope to foreign reporting companies only. On March 21, FinCEN issued an interim final rule narrowing the CTA’s reach to apply only to “foreign reporting companies,” effectively exempting domestic entities and their beneficial owners from the reporting requirements.
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