In what may be the final twist, on March 21, the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”) issued an interim final rule exempting domestic companies from the Beneficial Ownership Information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”). This means that if your company is domiciled in Oregon or another U.S. state, you do not need to file or update a BOI report.
Under the new regulations, only companies formed under the law of a foreign country who are registered to do business in a U.S. state as a foreign entity are required to file BOI reports, unless they meet an exemption. Moreover, if a beneficial owner of a foreign company is a U.S. citizen or resident, or a U.S. domestic company, the U.S. person or domestic company is exempted from reporting as a beneficial owner. The deadline for foreign companies to file, correct or update a BOI report is extended until 30 days after the Federal Register publishes FinCEN’s interim final rule.
This would appear to be the end of the CTA saga for domestic companies. However, this is an interim rule and the statutory law creating the CTA reporting requirements has not been amended or repealed by Congress, so it remains a law on the books, and we will see what happens.
For more information about the updated regulations, you can find the news bulletin released by FinCEN here. If you have any questions, contact your attorney.