The U.S. Department of Treasury issued an interim final rule that narrows the scope of the Beneficial Ownership Information (BOI) reporting requirements.
All entities created in the United States and their beneficial owners, are now exempt from BOI reporting. For domestic U.S. companies and individuals, no further action is needed.
BOI reporting remains mandatory for only foreign reporting companies, which must comply by April 1, 2025, or within 30 days of their registration date.
For more information, here is the link to the U.S. Treasury’s BOI website.