View Information Collection Request (ICR) Package
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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1506-0076
ICR Reference No:
202505-1506-002
Status:
Active
Previous ICR Reference No:
202309-1506-001
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Beneficial Ownership Information Reporting Requirements
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
11/25/2025
Retrieve Notice of Action (NOA)
Date Received in OIRA:
09/22/2025
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
11/30/2026
36 Months From Approved
11/30/2026
Responses
133,089
0
23,519,866
Time Burden (Hours)
86,125
0
53,319,713
Cost Burden (Dollars)
0
0
0
Abstract:
On March 26, 2025, FinCEN issued an interim final rule entitled “Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension”(IFR). The IFR revised the information collection requirements in 31 CFR 1010.380, and FinCEN is submitting this information collection request to support revisions to 31 CFR 1010.380. The attached supporting statement, included with this information collection request, identifies the estimated burden hours for the OMB control number associated with these revised requirements.
Authorizing Statute(s):
PL:
Pub.L. 116 - 283 6403
Name of Law: Corporate Transparency Act
Citations for New Statutory Requirements:
PL: Pub.L. 116 - 283 6403 Name of Law: Corporate Transparency Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
1506-AB49
Final or interim final rulemaking
90 FR 13688
03/26/2025
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
4
IC Title
Form No.
Form Name
Beneficial Ownership Reports- Initial Reports
N/A
Beneficial Ownership Information Report
Beneficial Ownership Reports- Updated Reports
N/A
Beneficial Ownership Information Report
Individual FinCEN Identifier - Initial Reports
N/A
FinCEN Identifier Application
Individual FinCEN Identifier - Updated Reports
N/A
FinCEN Identifier Application
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
133,089
23,519,866
0
-23,386,777
0
0
Annual Time Burden (Hours)
86,125
53,319,713
0
-53,233,588
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The estimated change in total reporting burden hours, for PRA purposes on a going-forward basis, is a reduction from the previous ICR summary of burden by approximately 53 million burden hours per year, on average, rounded to the nearest million. The burden estimate has decreased due to the IFR narrowing the Reporting Rule’s BOI reporting requirement where domestic entities previously defined as “domestic reporting companies” are excluded, and foreign entities are no longer required to report the BOI of any U.S. persons who are beneficial owners of a foreign reporting company. The IFR has substantially decreased the scope and number of reporting companies, particularly with respect to domestic and foreign entities previously subject to the Reporting Rule. The estimated change in total reporting cost is a reduction by approximately $9 billion dollars per year, on average, rounded to the nearest billion. The estimated annual cost to the Federal government is expected to decrease by approximately $8 million.
Annual Cost to Federal Government:
$27,600,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
FinCEN Resource Center 800 767-2825 frc@fincen.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
09/22/2025
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