The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule to change the reporting requirements for beneficial ownership information under the Corporate Transparency Act. Previously, both domestic and foreign companies had to report information about their owners. Now, domestic companies are exempt from these requirements, and foreign companies are only required to report information about non-U.S. owners. This change is intended to reduce the burden on U.S. businesses, and FinCEN is asking for public comments before finalizing the rule.
Simple Explanation
The government has made a new rule that says only companies from other countries need to tell about their owners, but they don't have to tell about their American owners. This rule is meant to make things easier for U.S. companies, and the government wants people to share their thoughts on it.