CORPORATE TRANSPARENCY ACT INTERIM FINAL RULE EXEMPTS DOMESTIC BUSINESSES FROM FILING
The Financial Crimes Enforcement Network (FinCen) and the U.S. Department of the Treasury issued an interim final rule on March 21, which significantly narrowed the existing beneficial ownership information reporting requirements. With the new interim final rule “domestic reporting companies” are exempt from filing beneficial ownership information reports or updating or correcting previously filed reports. Domestic reporting companies are entities created in the United States and those entities are now exempt from filing anything under the Corporate Transparency Act. Further, the new rule now states that only entities created under the law of a foreign country will be reporting entities. 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 beneficial ownership information with respect to any such entity for which they are a beneficial owner.
With this interim final rule in place there is now clarity that companies created in the United States – including Ohio dental offices – will not need to file or update filings that have already been made with FinCen.
