The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has removed the Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA). In addition, all previously reported information (notably by U.S. persons) will be deleted.
This decision comes after significant on-again, off-again determinations over the past few years. For business owners, this is a “victory for common sense and American small businesses,” according to Secretary of the Treasury Scott Bessent.
Read more here: https://home.treasury.gov/news/press-releases/sb0603
