On March 21, 2025, the U.S. Department of the Treasury announced that the Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the requirement for domestic companies and persons to report beneficial ownership information (BOI) under the Corporate Transparency Act.
Under the interim final rule, only entities formed under the law of a foreign country and that have registered to do business in the United States are required to report beneficial ownership information (BOI) to FinCEN.
The deadlines for filing BOI reports with FinCEN are as follows:
Reporting companies registered to do business in the United States before the issuance of the interim final rule must file BOI reports no later than 30 days from the issuance of the rule.
Reporting companies registered to do business in the United States on or after the issuance of the interim final rule must file an initial BOI report within 30 calendar days of receiving notice that their registration to do business is effective.
The Corporate Transparency Act of 2019 was enacted on January 1, 2021. According to FinCEN, the law is an effort by the U.S. government to make it more difficult for bad actors to hide behind shell companies or other opaque ownership structures.
For more information on reporting requirements, filing deadlines, and how to determine if your company falls under one of the exemptions set forth in the Corporate Transparency Act, please refer to the following:
United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov
Beneficial Ownership Information Reporting | FinCEN.gov
Beneficial Ownership Information Reporting Frequently Asked Questions
Beneficial Ownership Reference Materials
Please note that reporting companies are not required to file beneficial ownership information with the South Carolina Secretary of State’s Office. All inquiries regarding beneficial ownership information reporting requirements should be directed to FinCEN.