FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons!<\/p>\n
In an interim final rule, FinCEN revised the definition of \u201creporting company\u201d 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 \u201cforeign reporting companies\u201d).<\/p>\n
FinCEN also exempted entities previously known as \u201cdomestic reporting companies\u201d from BOI reporting requirements.<\/p>\n
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.<\/p>\n
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.<\/p>\n
You can see these Q&A about the changes to the beneficial ownership reporting requirements here<\/a>.<\/p>\n f you are in need of a good CPA firm for your business, contact<\/a>\u00a0us!<\/p>\n Please note that this blog post is for informational purposes only and does not constitute tax, legal or accounting advice.<\/p>\n