Musgrove Law Firm is a Dallas law firm providing quality legal representation to businesses and individuals for a multitude of complex and routine matters. Our attorneys practice in areas of law ranging from mergers and acquisitions to intellectual property and aviation law. Contact our team to find out how we can help with your legal needs.
Beneficial Ownership Information Reporting Requirement Revisions and Deadline
On March 21, 2024, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that significantly narrows the scope of beneficial ownership information (BOI) reporting requirements.
Under the revised rule, only companies formed under the law of a foreign country and registered to conduct business in the United States are considered “reporting companies” subject to the Corporate Transparency Act (CTA) BOI filing requirements.
The revised rule removes the requirement that U.S. companies and U.S. persons report BOI to FinCEN. The rule also removes the requirement that foreign companies report BOI for U.S. persons. Additionally, the rule extends the previously set March 21, 2025, BOI report filing deadline by 30 days, and requires newly registered foreign companies to file a BOI report within 30 days after receiving notice that their registration is effective.
Although the interim rule is effective immediately, FinCEN has implemented a 60-day public comment period, and intends to issue a final rule before the end of the year.
Please contact our paralegal, Emily Foster at [email protected] for assistance! 214-615-4143
