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Treasury Exempts Domestically-owned Entities from Ownership Reporting

By Adam Sweet
March 3, 2025
Courtroom

Key Takeaways

  • "The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. "

The Financial Crimes Enforcement Network yesterday announced that it will “not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines” and it will “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.”

Further, FinCEN states it intends to issue proposed rules narrowing the scope to “foreign reporting companies only.”

It appears BOI reporting is indefinitely paused for domestic companies with no foreign ownership.  We will send additional updates once the new rules are released. 

Related: Corporate Transparency Act Mandates Stricter Federal Disclosures

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About the Author(s)

Adam Sweet

Adam Sweet, J.D., LL.M.

Principal
Adam leads Eide Bailly's Passthrough Entity Consulting group. He has extensive knowledge in the area of partnership tax, including interpreting partnership agreements, allocation and distribution provisions, and issuing compensatory equity. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, tax credit partnerships and a variety of IRS controversy matters. Adam also leads Eide Bailly’s Opportunity Zone working group.
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Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. This is meant for educational purposes only. Information presented should not be considered investment advice or a recommendation to take a particular course of action. Always consult with a financial professional regarding your personal situation before making any financial decisions.