Beneficial Ownership Information (BOI) Update – April 25, 2025
In our last blog post, we discussed the uncertainty surrounding the status of Beneficial Ownership Information (BOI) reporting requirements. At the time, the law was in flux, leaving many businesses unsure of their obligations.
As of March 2, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that BOI reporting is no longer required for U.S. companies and individuals. However, foreign entities are still required to report under the existing regulations.
This change comes as part of an interim final rule, and FinCEN is currently accepting public comments through May 27, 2025. A finalized version of the rule is expected later this year.
This development represents a positive step for small businesses, reducing compliance burdens and administrative overhead—at least for now.
Stay Informed with North Star Law Group
To stay up to date with requirements and other regulatory changes that may impact your business, follow us on [Facebook] and [LinkedIn], and keep an eye on our blog for the latest updates.
If you’re unsure how this change affects your business or want to ensure you're fully compliant with the ever-evolving legal landscape, we’re here to help. Contact North Star Law Group at:
📧 info@northstarlaw.com
📞 (651) 330-9678
