After more than a year of controversy and confusion, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule cancelling the requirement to file Business Ownership Information Reports when an entity registered with a Secretary of State only has U.S. owners.
When an entity has foreign owners, only the ownership information for the foreign owners will have to be reported.
When the interim final rule is published in the Federal Register, these will be the due dates for foreign-owned entities:
- For entities registered before the date of publication, 30 days after that date.
- For entitles registered after the date of publication, an initial BOI report must be filed within 30 calendar days after receiving the notice their registration is effective.
Here is a link to FinCEN’s release announcing the change. https://www.fincen.gov/news/news-releases/fincen-removes-beneficial-ownership-reporting-requirements-us-companies-and-us