Corporate Transparency Act - March 26 Update

Mar 26, 2025

Beneficial Ownership Reporting Requirement

Insight: Critical Update on the Corporate Transparency Act (CTA) — Beneficial Ownership Information (BOI) Reporting Requirement

News:

Today, March 26, 2025, Treasury announced that the interim final rule for BOI reporting requirement was published in the federal register today and it is effective immediately.

Foreign companies registered to do business in the U.S. have 30 days from today to submit their initial, updated, or corrected BOI report, or evaluate whether they qualify for an exemption as prescribed in the rules.

The deadline for submitting public comments on the rulemaking is May 27, 2025.

Next Steps:

Foreign companies registered to do business in the U.S. (“reporting companies”) should evaluate whether they meet the criteria to qualify for any of the exemptions under the prescribed rules.

If no exemption is met, reporting companies are to submit the initial, updated, or corrected BOI report to FinCEN on or before April 25, 2025.

The deadline for submitting public comments on the rulemaking and any future revisions is May 27, 2025.

For more information about the BOI reporting requirement:

Please read our previous insights published on March 5, 2025 and March 21, 2025
Visit the FinCEN BOI page
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Disclaimer:

The contents of this insight are intended for general information only. illumina CPA Group, Inc. is not, by means of this communication, rendering professional advice or services. Before making any decisions or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.