Update (8/24/2026)

On August 11, 2026, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule to narrow the beneficial ownership information (BOI) reporting requirements. The final rule makes permanent the interim final rule discussed in the article below with limited changes. In essence, this means that U.S. companies and U.S. persons will not be required to report BOI to FinCEN, i.e. individuals who have controlling business interest as defined by the Corporate Transparency Act (CTA).

Original Article (4/1/2025)

The Beneficial Ownership Information pause on enforcement for U.S. companies has been made permanent with FinCEN’s issuance of an interim final rule taking effect on March 26, 2025. The interim final rule dramatically reduces the rule’s scope of what beneficial ownership information (BOI) is subject to disclosure. This rule’s change reduces the number of reporting companies from an estimated 32 million businesses down to about 11,600 and reduces the anticipated fallout the rule as originally drafted was anticipated to produce.  

The interim final rule now applies only to companies formed under foreign law and registered to conduct business in any U.S. state or tribal jurisdiction (foreign companies) and foreign nationals. Going further, the rule exempts foreign companies from disclosing U.S. persons’ beneficial ownership information. The effect is to relieve American companies and citizens of onerous BOI disclosure requirements as well as foreign reporting companies whose owner(s) are American.  

In addition to this interim rule’s implementation and effect, FinCEN has an open comment period through May 27, 2025, with a rulemaking objective of implementing these changes as a final rule before the end of the year. While interim final rule provides significant clarity for compliance and planning purposes, the Corporate Transparency Act remains law and a change in enforcement is possible, though very unlikely in the near term.  

The National Apartment Association (NAA) encourages its members to consult their attorneys to understand the unique impacts to their businesses. NAA remains committed to giving a voice to the rental housing perspective on this issue and its impact on housing providers and will continue advocating against future overreach by the federal government.