{"id":156213,"date":"2025-03-25T18:34:37","date_gmt":"2025-03-25T18:34:37","guid":{"rendered":"https:\/\/som2nypost.com\/accounting\/fincen-removes-reporting-requirement-for-u-s-companies-and-u-s-persons\/"},"modified":"2025-03-25T18:34:37","modified_gmt":"2025-03-25T18:34:37","slug":"fincen-removes-reporting-requirement-for-u-s-companies-and-u-s-persons","status":"publish","type":"post","link":"https:\/\/som2nypost.com\/?p=156213","title":{"rendered":"FINCEN Removes Reporting Requirement for U.S. Companies and U.S. Persons"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><strong><span data-preserver-spaces=\"true\">Domestic Companies No Longer Required to Report to FinCEN<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Effective immediately, all entities formed in the United States (such as corporations, LLCs, and other common U.S. business structures), along with the beneficial owners of such entities, are exempt from Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This exemption also applies to any updates or corrections to previously submitted BOI reports.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">U.S. Citizens Exempt from Foreign Reporting<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">U.S. persons who hold ownership interests in foreign companies are not required to report their ownership. Likewise, foreign entities who are otherwise required to report BOI to FinCen are not required to report BOI for any U.S. persons who are beneficial owners.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Foreign Companies May Still Be Required to Report<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Foreign reporting companies may continue to have BOI filing requirements<\/span><strong><span data-preserver-spaces=\"true\">. <\/span><\/strong><span data-preserver-spaces=\"true\">Please consult legal counsel if this may impact you or your business.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Why the Change? Deregulation and Executive Priorities<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">This new rule reflects a significant policy shift following the January 2025 change in presidential administrations.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">President Donald Trump\u2019s Executive Order 14192, <\/span><em><span data-preserver-spaces=\"true\">\u201cUnleashing Prosperity Through Deregulation,\u201d<\/span><\/em><span data-preserver-spaces=\"true\"> directs federal agencies to reduce regulatory burdens on U.S. businesses.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">FinCEN, citing this order and the CTA\u2019s instruction to \u201cminimize burdens,\u201d concluded that domestic BOI reporting was not sufficiently valuable for law enforcement or national security. The DOJ and DHS agreed.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">The Numbers That Drove the Decision<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">FinCEN previously projected CTA compliance would cost businesses:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">$21.7 billion in labor costs for initial filings (Year 1),<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">$3.3 billion\/year for new company filings,<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">$2.3 billion\/year for ongoing updates.<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Under the new rule:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Estimated annual compliance costs are reduced by $9 billion.<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">More than 91 million hours of paperwork are eliminated each year.<\/span><\/li>\n<\/ul>\n<p><strong><span data-preserver-spaces=\"true\">What\u2019s Next?<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">FinCEN is currently accepting public comments for 60 days and plans to finalize the rule later in 2025. However, the rule is already in effect, justified under the \u201cgood cause\u201d exemption to the Administrative Procedure Act, which allows immediate implementation when necessary.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Takeaway for Businesses<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">This is a major win for domestic businesses, particularly small entities previously burdened by the reporting requirements. However, foreign companies operating in the U.S. should remain alert\u2014while domestic scrutiny is easing, international enforcement is intensifying.<\/span><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Domestic Companies No Longer Required to Report to FinCEN Effective immediately, all entities formed in the United States (such as corporations, LLCs, and other common U.S. business structures), along with the beneficial owners of such entities, are exempt from Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This exemption also applies to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[11269,19350,22749,41686,13609,17817,8134],"dealstore":[],"offerexpiration":[],"class_list":["post-156213","post","type-post","status-publish","format-standard","hentry","category-accounting","tag-companies","tag-fincen","tag-persons","tag-removes","tag-reporting","tag-requirement","tag-u-s"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FINCEN Removes Reporting Requirement for U.S. Companies and U.S. Persons - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/som2nypost.com\/?p=156213\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FINCEN Removes Reporting Requirement for U.S. Companies and U.S. Persons - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Domestic Companies No Longer Required to Report to FinCEN Effective immediately, all entities formed in the United States (such as corporations, LLCs, and other common U.S. business structures), along with the beneficial owners of such entities, are exempt from Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). 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