Interim Guidance on BOI is Released
FinCEN finally released guidance on BOI reporting for domestic entities
As expected, FinCEN finally released guidance last Friday on the requirements for reporting beneficial ownership information. We had expected this guidance to exempt domestic entities and their owners from reporting this information and the guidance actually went one step further.
Although foreign entities are required to report their beneficial owners, they are not required to report any domestic owners, just foreign owners.
These foreign entities will be required to report BOI information within 30 days of the issuance of the new guidance or about April 20.
This is welcome news for all domestic farm operations. However, there are many members of Congress on both sides of the political spectrum that indicate this is incorrect and this battle is not over.
We will keep you posted.