The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced Aug. 11 that it is permanently eliminating beneficial ownership information reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act. The final rule, effective Aug. 14, makes permanent exemptions established in March 2025. FinCEN also said it will delete previously reported information involving individuals it reasonably believes are U.S. persons.
Treasury Secretary Scott Bessent said the change eliminates a reporting burden for millions of U.S. business owners.
Foreign entities that remain subject to the law will continue to be required to report beneficial ownership information for foreign individuals.