Lisa and the Law

Changes in the enforcement of the CTA reduces the number of businesses required to file Beneficial Ownership Information Reports (BOIRs) significantly.

Posted on April 10, 2025

Initially, approximately 33 million businesses were expected to file Beneficial Ownership Information Reports (BOIRs) with FinCEN and approximately 5 million every year thereafter. Now, that FinCEN and the Dept. of Treasury will not enforce the CTA against any domestic reporting company or U.S. person, the estimated number of required filings by nonexempt foreign reporting companies is just under 12,000. Most foreign companies doing business in the U.S. typically form a new domestic reporting company in order to transact business because it is easier to obtain a U.S. bank account.

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