On Friday night, March 21^st, the Treasury Department issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. Trump killed it!!

FinCEN did nothing more than give the Feds the power to take out any small business they wanted to go after.

The new ruling reads:

Thus, through this interim final rule, all entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners will be exempt from the requirement to report BOI to FinCEN. Foreign entities that meet the new definition of a “reporting company” and do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new deadlines, detailed below. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner.

I think we played the FinCEN game right by waiting to the bitter end to register. Most of you probably didn’t register, so you won the game. As a US citizen, you don’t have to worry about FinCEN and the registration anymore — at least until the next administration. If you did register, don’t worry about it, they already have your information already.

Lee Phillips