Corporate Transparency Act Update: BOI Reporting Lifted for U.S. Companies

By Dawn Tate | March 26, 2025

Contractors and business owners—especially those navigating state licensing—can breathe a little easier. On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule (IFR) that significantly narrows the scope of entities required to report Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA).

Under this new rule, entities formed in the United States and their beneficial owners are no longer required to file BOI reports with FinCEN. This is a major update from the previous requirement that had many U.S.-based businesses preparing to meet complex federal reporting standards in 2024 and 2025.

Instead, only companies formed under the laws of a foreign country—that have registered to do business in a U.S. state or Tribal jurisdiction—will still need to file BOI reports, as long as they don’t qualify for any exemptions. Even more notably, those foreign entities will not be required to report any U.S. persons as beneficial owners.

For foreign reporting companies that were already registered to do business in the U.S. before this rule was published, the deadline to file their BOI report is April 20, 2025. For those registering on or after March 21, 2025, the BOI filing must be submitted within 30 calendar days of receiving notice of registration approval.

This is a significant rollback of regulatory burden for domestic contractors, especially smaller businesses who were unsure how BOI requirements might impact their licensing or daily operations. At API Processing, we’re continuing to monitor updates like these to make sure you stay focused on growing your business—not paperwork.

If you’re unsure how this update might affect your licensing requirements or business filings, reach out to our team. We’re here to make compliance and licensing as smooth as possible for contractors in Florida and beyond.

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Need help navigating state licensing or compliance updates? Contact API Processing today and let our experts handle it for you.

Posted in Contractor Licensing