Get to know the Dallas business law attorneys at the Musgrove Law Firm, P.C.
H. Len Musgrove, Jr., Managing Shareholder
Bar Admissions: Texas, Oklahoma, Missouri
Education: Bachelor of Business Administration, Southern Methodist University (1981); J.D., University of Oklahoma (1986)
Other Professional Licenses: Certified Public Accountant (Texas)
Martindale-Hubbell AV Preeminent Rated
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
