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The US Department of the Treasury announced on March 21, 2025, that it had issued an interim final rule associated with Beneficial Ownership Information reporting which took effect on March 26, 2025. The Treasury’s rule removes the requirement that domestic persons or corporations must report BOI and only maintains the requirements as they relate to foreign entities. Even US persons who own part of a foreign reporting company will not need to be reported by that company. Foreign reporting companies are required to file BOI reports within thirty (30) days of either March 26, 2025, or the date they registered to do business in the United States, whichever is later.
This is a rulemaking by a government agency, so it does not change the law passed by Congress. While people and companies based in the United States will no longer be penalized, they may still technically be required to report their information. That means the potential penalties or enforcement for not reporting could change upon the transition from one federal administration to the next. If you have an ownership interest or otherwise take a leading part in running a company (corporation, limited liability company, or other entity reported to the Wisconsin Department of Financial Institutions or similar department for your state) and your company has not yet reported this information, consider discussing the reporting requirements with an attorney.
Contact us with any questions about the filing process at West & Dunn online through our Contact Us page or by telephone at (608) 535-6420.
