Big news for business owners! The U.S. Treasury Department has announced that domestic reporting companies—including LLCs and corporations formed under state law—are now exempt from the Beneficial Ownership Information (BOI) reporting rule. This change means that these entities no longer need to file BOI reports, including by the previously set March 21, 2025 deadline.
What Changed?
After various legal challenges, the Treasury has opted to revise BOI reporting requirements. While the initial rule applied to both domestic and foreign entities, the updated regulation will now only apply to foreign reporting companies.
What This Means for Your Business
✅ Domestic companies: No need to file a BOI report—compliance is no longer required.
✅ Foreign reporting companies: Still subject to BOI reporting, though enforcement is on hold until new regulations take effect.
This change significantly reduces compliance burdens for U.S.-based businesses, but foreign entities registered to do business in the U.S. should continue preparing to meet their BOI filing obligations.
Stay Compliant
At Kamish & Associates, we’re keeping a close watch on these developments to ensure our clients stay informed and compliant. If you have any questions about how this impacts your business, reach out to our team today.
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