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In accordance with the Secretary of the Treasury’s commitment to reducing burden on businesses, FinCEN adopted an interim final rule (IFR) on March 26, 2025 that removed the requirement for domestic reporting companies and U.S. persons to report their beneficial ownership information to FinCEN. The IFR otherwise retained the requirement for foreign reporting companies to report beneficial ownership information (BOI) about their beneficial owners (excluding U.S. persons) to FinCEN, while extending the deadline for those companies to file initial BOI reports, or update or correct previously filed BOI reports, to 30 days after the date of the publication of the IFR (April 25, 2025) or 30 days after their registration to do business in the United States, whichever comes later. The IFR provided the public with a 60-day comment period which ended on May 27, 2025, and FinCEN intends to issue a final rule taking into account the public comments on the IFR.