Client Alert: Financial Crimes Enforcement Network (FinCEN) Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons and Sets New Deadlines for Foreign Companies
By EsqSocial Corporation 02/04/25
On March 26, 2025, FinCEN announced that “All entities created in the United States – including those previously known as ‘domestic reporting companies’ – and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025 – until April 25, 2025, for most companies – to do so.”...
By: Shumaker, Loop & Kendrick, LLP