Corporate Transparency Act: Legal roller coaster with new twist

CTA Update (March 26, 2025): FinCEN Proposes to Relieve Reporting Companies from BOI Reporting Requirements Under the CTA | Bean, Kinney & Korman

On March 26, 2025, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) published in the Federal Register an interim final rule that proposes to substantially narrow the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) to “require only entities previously defined as ‘foreign reporting companies’ to file a BOI report.  As written, the interim rule would result in …

FinCEN Removes BOI Reporting Requirements for U.S. Companies

On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). Key Points of the Interim Final Rule: Removal of Reporting Requirements for U.S. Entities: All entities created in the United States, including those previously known as “domestic reporting co…

Corporate Transparency Act: Legal roller coaster with new twist

April 3, 2025 This paid piece is sponsored by Woods Fuller. Written by: Drew Driesen, Woods Fuller attorney The long-running legal saga surrounding the Corporate Transparency Act took another dramatic turn March 21. The Financial Crimes Enforcement Network — the agency responsible for implementing the CTA — announced sweeping changes to the manner in which the CTA would be implemented. To achieve these changes, FinCEN published a new interim fin…