The Corporate Transparency Act (CTA), which has taken more turns than can be recapped here, has a new interim final rule issued by the Financial Crimes Enforcement Network (FinCEN). Not to oversimplify, but the punchline is this: domestic companies need not report beneficial ownership information, but the requirement remains for foreign entities.
Business Takeaway: While the history of the CTA is muddled, it does seem that FinCEN’s interim final rule is likely to stick under the new administration. For domestic businesses, this means you can largely disregard previously articulated reporting obligations. For foreign entities, it is worth waiting to see the final rule implemented before acting. Contact us if you have questions regarding the CTA or your reporting obligations.