On March 21, 2025, FinCEN issued an interim final rule (“IFR”) that revises the definition of “reporting company” to exempt “domestic reporting companies” from making BOI filings and refers only to entities formed under the laws of a foreign country that have registered to do business in any US State or Tribal Jurisdiction. This change means that, effective immediately, most domestic closely held companies which were subject to BOI filings are no longer required to make BOI filings. Only foreign entities that do not qualify for an exemption will be required to report BOI and their deadlines for filing will be as follows:
- Reporting companies registered to do business in the United States before the date of publication of the IFR must file BOI reports no later than 30 days from that date.
- Reporting companies registered to do business in the United States on or after the date of publication of the IFR have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.
For more information about BOI reporting requirements and other business related issues, contact our attorneys in the Business Law practice at Wilchins Cosentino & Novins. With decades of experience from formation to succession planning, our business law attorneys offer advice and counsel for you and your business to be set up for success.
Call us at 781-235-5500 or Contact us.
This article is not legal advice and should not be taken as such or relied upon as legal advice.