The Corporate Transparency Act is Dead (Almost)

FinCEN permanently ends Beneficial Ownership Reporting requirements for millions of small business owners according to a press release today from the department.

The final rule adopts the exemptions set out in the interim final rule issued in March 2025, making the rollback of beneficial ownership reporting by U.S. companies permanent.

The final rule also confirms that FinCEN will delete information about any individuals—company applicants, beneficial owners, or recipients of a FinCEN ID—that FinCEN reasonably believes is a U.S. person (e.g., the information is linked to a U.S. passport or U.S. driver’s license).

Foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals.