Beneficial Ownership Information Reporting (BOIR) is Terminated for U.S. Companies and Persons
In the on-again, off-again saga of the beneficial ownership information report (BOIR), it appears that Elvis has finally left the building. On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing the filing requirement for U.S. companies and U.S. persons. BOIR now only applies to companies that were formed under the law of a foreign country and have registered to do business in the United States.
Although this rule is called an interim final rule, and comments may be submitted for further consideration, it is all but certain that the rule will be finalized this year to exempt U.S. companies and persons.
You can learn more from these previous blogs:
Beneficial Ownership Information Reporting (BOIR) Requirement is Reinstated
BOIR: What the Heck is Going On?
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation.
Gary Schuster is a Partner with the firm and practices Business Law, Estate Planning, and Arts & Entertainment. He can be reached by phone at 845-764-9656 and by email.