On May 27, 2025, the Office of Advocacy submitted comments on the Financial Crimes Enforcement Network’s (FinCEN) interim final rule on Beneficial Ownership Information Reporting Requirements.
On September 30, 2022, FinCEN published the Beneficial Ownership Information Reporting Requirements final rule, implementing the Corporate Transparency Act’s reporting requirements. The rule became effective on January 1, 2024, and required certain corporations, limited liability companies, and other similar entities to report certain identifying information about the reporting companies to file initial beneficial ownership information (BOI) reports with FinCEN by January 1, 2025.
On March 26, 2025, FinCEN published an interim final rule on the Beneficial Ownership Information Reporting Requirements Revision and Deadline Extension. In the interim final rule, FinCEN narrows the existing beneficial ownership information reporting requirements. The interim final rule requires only entities previously defined as “foreign reporting companies” to report beneficial ownership information.
Advocacy asserts that FinCEN’s interim final rule greatly changes the beneficial ownership reporting requirements for small firms. The changes to this rule will save small businesses $6.7 billion in annualized cost savings over 10 years using a 7% discount rate ($47.3 billion in present value).
Advocacy commends FinCEN for taking such an important step to reduce the regulatory burden on small entities.
COMMENT LETTER
(PDF, 61 KB)
CONTACT:
Jennifer Smith
EMAIL:
Letters to Agencies
Treasury