In a significant move, the Trump Administration has recently altered the Beneficial Ownership Information (BOI) and Financial Crimes Enforcement Network (FINCEN) filing requirements for closely-held entities. This change, announced on March 21, 2025, exempts U.S. companies and individuals from reporting BOI under the Corporate Transparency Act.

Previously, all entities formed in the United States were required to disclose their beneficial owners to FINCEN. However, the new interim final rule narrows the scope to only foreign entities registered to do business in the U.S. This means that domestic companies no longer need to file BOI reports, reducing compliance burdens for small businesses.

The revised regulations redefine "reporting company" to include only those entities formed under foreign law and registered in the U.S. Consequently, U.S. persons are exempt from reporting beneficial ownership information for these foreign entities. This change aims to streamline the reporting process and alleviate regulatory pressures on American businesses.

For foreign entities, new deadlines have been set for BOI reporting. Companies registered before the rule's publication must file their reports within 30 days, while those registered afterward have 30 calendar days from their registration date.

These adjustments reflect the administration's commitment to reducing regulatory burdens and fostering a more business-friendly environment. As the rule is still open for comments, further refinements may be expected later this year.