After a tumultuous year of legal challenges, on March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) released the interim final rule narrowing the scope of the Corporate Transparency Act (CTA). The interim final rule exempts U.S. companies and U.S. persons from the requirement to report beneficial ownership information under the CTA.
For now, if your company was formed in the U.S. and is owned by U.S. citizens, you do not need to file any beneficial ownership information reports. Nevertheless, we encourage business owners to stay informed as the legal landscape continues to evolve. FinCEN is currently reviewing public feedback, and a final rule is expected later this year.
For the latest information, subscribe to Woods Aitken E-Briefs where we will provide the latest news, tips, and updates, including key updates to the CTA and business owner’s compliance obligations. If you have questions, please contact one of Woods Aitken’s business services attorneys.
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