Corporate Transparency
Effective: Immediate
FinCEN Issues Updated Guidance on BOI Reporting for Foreign-Owned US Entities
FinCEN reiterates that all non-exempt domestic entities created in 2024 or later must submit their initial BOI report, and reminds filers that updating changes within 30 days is legally mandatory.
Key Administrative Changes
- Clarification that entities dissolved without ever filing may still be subject to reporting requirements.
- Enhanced guidance for foreign beneficial owners using overseas national passports as identity documents.
- Warnings against phishing scams imitating FinCEN correspondence demanding fee payments.