Treasury Finalizes Repeal of Biden-Era FinCEN Beneficial Ownership Reporting Obligations

Last week, the Treasury Department officially repealed the Biden-era beneficial ownership information (BOI) reporting obligation that would have required U.S. companies to report certain information to the Financial Crimes Enforcement Network (FinCEN). The repeal also includes a provision that exempts Americans with FinCEN IDs from the requirement that they would have had to correct or update the information provided to receive the ID. Foreign companies are relieved of the duty to report American citizens who helped them register to conduct U.S. business. These foreign entities that qualify as reporting companies are still required to report BOI information for foreign individuals. FinCEN does not include trusts, corporations and similar legal entities in the definition of beneficial owner. The original reporting requirement became law in 2021 and was scheduled to become effective in 2024. For more information on the BOI reporting rule, visit Tax Facts Online. Read More: Link to Q8978.01. Note: Q is updated.