The Corporate Transparency Act (CTA) originally required many entities to report BOI to the Financial Crimes Enforcement Network (FinCEN), beginning in 2024. FinCEN has since finalized rules narrowing BOI narrowing reporting requirements. U.S. entities and U.S. persons are no longer required to report BOI to FinCEN, while certain foreign reporting companies may still have reporting obligations.
Practitioners should continue to monitor FinCEN guidance and client-specific facts to determine whether any BOI-related action is needed.
Alert your clients to the reporting