What is the Corporate Transparency Act?

The Corporate Transparency Act is a federal law passed by Congress. Initially, many businesses were required to submit a Beneficial Ownership Information (BOI) Report to the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN), providing details identifying individuals who are beneficial owners - the individuals who ultimately own or control the business. On March 21, 2025, FinCEN issued an interim final rule removing the requirement for U.S. companies and U.S. persons to report BOI. Only foreign entities, meaning those formed under the law of a foreign country and registered to do business in any U.S. State or Tribal jurisdiction, are still considered "reporting companies" and must file BOI reports.