Client Alerts & Insights
Domestic BOI Reporting Requirements Ended; Foreign Companies Must Still Report
March 25, 2025
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act. This decision, which revokes the previous March 21, 2025, reporting deadline, comes after months of uncertainty and the Treasury Department’s March 2, 2025 announcement that it would not enforce any penalties associated with not reporting BOI.
In the interim final rule, FinCEN exempted domestic entities from BOI reporting requirements by narrowing the definition of “reporting company” in its regulations. Under the new definition, the only entities required to report their BOI are those that are formed under the law of a foreign country and have registered to do business in the United States by filing a document with a secretary of state or similar office (previously called “foreign reporting companies”).
Foreign entities that meet this new definition of a “reporting company” and do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN by April 20, 2025. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner.
Companies should continue working with knowledgeable counsel to navigate BOI reporting requirements. If you have questions regarding the CTA or the impact of this interim final rule, the White Collar and Corporate & Securities Practice Groups at Benesch are here to help.
Marisa T. Darden at mdarden@beneschlaw.com or 216.363.4440.
Robert J. Kolansky at rkolansky@beneschlaw.com or 216.363.4575.
Jennifer L. Stapleton at jstapleton@beneschlaw.com or 216.363.4428.
Connie A. Porter at cporter@beneschlaw.com or 216.363.4433.
Latest News
D.C. Circuit Rejects DOE’s Use of Emergency Authority to Prevent Coal Plant Retirement
The D.C. Circuit vacated the Department of Energy’s order compelling continued operation of Michigan’s J.H. Campbell coal plant under DOE’s emergency authority, finding that Section 202(c) is a narrow, last-resort power reserved for immediate grid-reliability emergencies, not longer-term resource planning.
New BIS “Affiliates Rule” Compliance Date is November 10 Unless Suspended by U.S.-China Truce
A new party screening requirement will soon impact compliance of international dealings unless the U.S. Department of Commerce’s Bureau of Industry and Securities (“BIS”) issues a second extension of its effective date.
California’s New AI Law: What Legal Departments and Outside Counsel Need to Know
Newly enacted California Senate Bill 574 regulates how attorneys use generative AI by amending the California Code of Civil Procedure and requiring attorneys to personally verify every citation, whether sourced from AI or otherwise. It also holds law firms jointly responsible for sanctionable violations by their attorneys. The bill added a new section to the California Code of Civil Procedure (§ 1282.1), barring arbitrators from delegating their decision-making to generative AI.
Beyond Allulose: What Comes Next in Sugar-Related False Advertising Litigation?
The Franco decision has given plaintiffs a potential roadmap for challenging “Sugar Free,” “Zero Sugar” and similar claims when FDA guidance and existing regulations do not fully align.