Beneficial Ownership Reporting Requirements Are Removed!
FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons!
In an interim final rule, FinCEN revised the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”).
FinCEN also exempted entities previously known as “domestic reporting companies” from BOI reporting requirements.
This is great news for all business owners! Now you don’t need to report your business ownership information plus a lot other information to the government. Instead you can focus on your business.
FINCE Website
FinCEN has listed on their website some questions and answers (Q&As) in anticipation of inquiries relating to the Beneficial Ownership Information Interim Final Rule.
You can see these Q&A about the changes to the beneficial ownership reporting requirements here.
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Please note that this blog post is for informational purposes only and does not constitute tax, legal or accounting advice.
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