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Recently, FinCEN released a statement issuing an interim final rule about reporting beneficial ownership reporting, which removes the requirements for U.S. Companies and U.S. persons to report beneficial ownership information (BOI).
All entities created in the United States and their beneficial owners are, therefore, exempt from the requirement to report BOI to FinCEN. Further, foreign entities are not required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to foreign entities if they are a beneficial owner. Contact CMM Partner Christine Malafi for guidance at cmalafi@cmmllp.com.
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