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Beneficial Ownership Information Reporting No Longer Required for U.S. Companies

Immediate Release

WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.

Thus, through this interim final rule, all entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners will be exempt from the requirement to report BOI to FinCEN. Foreign entities that meet the new definition of a “reporting company” and do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new deadlines, detailed below. 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 BOI with respect to any such entity for which they are a beneficial owner.

Upon the publication of the interim final rule, the following deadlines apply for foreign entities that are reporting companies:

  • Reporting companies registered to do business in the United States before the date of publication of the IFR must file BOI reports no later than 30 days from that date.
  • Reporting companies registered to do business in the United States on or after the date of publication of the IFR have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.

FinCEN is accepting comments on this interim final rule and intends to finalize the rule this year.

For more information, see Interim Final Rule: Questions and Answers.

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Important updates to your account and the website platform

 

Hello FSOMA Acupuncturists! 

We’re thrilled to announce the launch of our new website platform for our valued members and the public! Your patience throughout this transition period has been greatly appreciated.

After diligent effort with our tech team, we’re proud to announce that we are launching a more stable and robust platform, designed to enhance your user experience and offer an array of new features and resources. Whether you’re accessing information or engaging with our community, we’re confident you’ll find the new website to be much more user-friendly. As we embark on this exciting journey together, we extend our gratitude for your ongoing support, which fuels our mission to serve and empower professional acupuncturists in Florida. 

Please take a moment to read through the important updates regarding membership renewal and payment processes outlined below. Your involvement is integral to our collective success, and we’re excited to grow and innovate together through this new platform. Thank you for being a vital part of the FSOMA community!

If this is the first time you are renewing your membership since March 1st, 2025, because of the changes to our system all memberships that were due to automatically renew will instead expire on their next renewal date. 

To keep your account active you must log in with your username and update your credit card information by manually re-registering your membership through our new gateway when it is time for your renewal. This is only a one time process. 

At the time of your first login you will be prompted to reset your password. Once logged in, just navigate to the Become a Member page and select your membership level and follow the checkout process.

For payment to process smoothly, please make sure that your payment method is active, and you have sufficient funds. And if you need to automate your payments in our new platform for the future, simply go to your Account Profile while logged in and under the ‘My Subscriptions’ tab select your active subscription and make sure auto-renew is toggled on.

As your renewal date gets close you will receive email reminders about this process and the steps to take. You will also receive reminders if your membership has lapsed as a helpful nudge in case you missed the initial reminder emails, so stay on the lookout through this process to help us help you keep your account active. 

Your ongoing support is what drives us to continue working to secure YOUR future as a professional acupuncturist in the state of Florida and to provide the best possible services to our members. The more we grow the more we can do and the new website will help take us there!

Please keep an eye out for future communications and updates as we move forward.

Best regards,

Your FSOMA Board of Directors