After almost three years of back and forth reporting requirements, FinCen released an “interim final” rule regarding the reporting of beneficial ownership information for corporations, limited liability companies, and other business entities.
Under the interim final rule, U.S. companies and U.S. individuals are exempt from the reporting requirements. In other words, all business entities formed in the United States and their beneficial owners do not have to report beneficial ownership information to FinCen.
Foreign entities (business entities formed in countries outside of the U.S.) are still required to report to FinCen.
Stay tuned as this rule may be changed yet again.