In a March 21 release, FinCEN announced its issuance of an interim final rule (IFR) that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
The IFR aligns with the March 2 U.S. Department of the Treasury announcement suspending enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies.
Additionally, the IFR changes filing deadlines for foreign entities that are reporting companies, effective upon its publication:
- Foreign entities registered before the IFR’s publication must file BOI reports no later than 30 days from that date.
- Foreign entities registered on or after the IFR’s publication must file within 30 calendar days of receiving notice that their registration is effective.