FinCEN Ends Beneficial Ownership Reporting Requirements for U.S. Businesses

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule permanently removing beneficial ownership information reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act. This means millions of small business owners will no longer be required to submit beneficial ownership information to FinCEN.

FinCEN also announced that it will delete beneficial ownership information previously reported by U.S. persons who are now exempt from the reporting requirements. The final rule becomes effective upon publication in the Federal Register.

Regulations affecting businesses can change, and McDonough Law Group stays informed about the rules and requirements that impact small business owners so you don’t have to navigate them alone. If these requirements change in the future or if you have questions about how current federal regulations affect your business, our attorneys are available to provide guidance and assist with related legal matters. Contact our office today.