Hi there,

I'm Katherine Taylor, The Lawyer for Business Owners, and this, hopefully, will be my very last video about the Corporate Transparency Act (CTA). So why do I say that? Well, if you've been listening to the videos all along, you'll understand that the status of the CTA has been in flux for at least six months; however, on March 26th of 2025, the Financial Crimes Enforcement Network, otherwise known as FinCEN, at the request or behest of the Department of Treasury, issued an interim final rule that removes, and this is very important, removes all US companies and all US persons from reporting requirements under the CTA.

At this point, only foreign entities (those entities formed in a country other than the United States and registered to do business in the United States) are required to comply with the CTA. There's a further wrinkle to this. Even foreign companies that have US owners are not required to name those US owners in their BOI reporting. They're only required to name non-US citizens in the BOI reporting. 

This means that any US citizen who owns an interest in a foreign company does not have to provide his or her financial and identification information to the company to report to FinCEN. Stated another way, as of March 26, 2025, there is no requirement for any US person or US company to comply with the CTA. Contact me if you have questions. I'm happy to help.

Katherine Taylor, The Lawyer for Business Owners