Yesterday, March 2, 2025, the Treasury Department announced that FinCEN/BOI reporting administratively was essentially “repealed”.
Specifically, the Treasury Department announced that it will:
“not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines”
“not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either”
“be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only”
A foreign reporting company is a foreign entity that has registered to do business in the United States by the filing of a document with a Secretary of State or any similar office.
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