R.I.P. BOIR

The Fate of the Beneficial Ownership Interest Reporting Has Been Revealed

On March 2, 2025, the Treasury Department issued a press release stating:

"The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest."

And just like that, the Beneficial Ownership Interest Reporting requirement is no more for American citizens and U.S.-based companies.

If you're a U.S. citizen or a company domeciled in the United States, you DO NOT have to file a Beneficial Ownership Interest Report.

It's been a wild ride, If you want to relive the drama, here's all of the articles by TealAcre covering the Corporate Transparency Act and the Beneficial Ownership Interest Reporting requirement:

1. https://www.tealacre.com/blog/you-only-have-30-days-left-the-corporate-transparency-act

2. https://www.tealacre.com/blog/youve-got-forever-the-corporate-transparency-act

3. https://www.tealacre.com/blog/youll-know-after-march-25-the-corporate-transparency-act-pt-iii

4. https://www.tealacre.com/blog/the-corporate-transparency-act-the-more-things-change-the-more-they-stay-the-same-january-2025-update

5. https://www.tealacre.com/blog/unless-youre-issac-winkles-file-by-march-21-2025

6. https://www.tealacre.com/blog/looks-like-were-back-to-square-1