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“FinCEN” BOI Reporting Requirement Eliminated for US Companies (Updated 3/21/2025)

By Adrienne Hersh, JD, ICS Legal Counsel · March 25, 20253 min read

Doctor using a computer — Corporations and Limited Liability Companies: “FinCEN” Reports Due by January 1, 2025, Under Transparency Law

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[Editor's Note: Although this may be the last update regarding BOI reporting, we will continue to monitor and update ICS members if any future changes occur. You can find a timeline of the various changes by courts and regulators at the end of the article.]

In the latest twist to the ongoing saga of Beneficial Ownership Information (BOI) reporting requirements, the Financial Crimes Enforcement Network (FinCEN) has issued a new interim final rule, effective March 21, 2025, that removes BOI reporting requirements for all U.S. companies and U.S. persons.

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About the Author

Adrienne Hersh, JD, ICS Legal Counsel

Adrienne serves as Illinois Chiropractic Society general counsel and provides legal advice and support on a wide range of legal issues affecting chiropractic physicians, including licensing and other health care regulations, scope of practice, insurance and reimbursement, business structuring, labor and employment, contracts, and litigation. Adrienne previously served for 8 years as general counsel to the Illinois Department of Professional Regulation (now the Division of Professional Regulation, Department of Financial and Professional Regulation), where she was chief legal counsel responsible for overseeing all legal issues and advising the 50+ licensing and disciplinary boards, including the Medical Disciplinary Board and the Medical Licensing Board. She is a member of the Illinois State Bar Association Health Care Section, the Illinois Association of Healthcare Attorneys, and the National Association of Chiropractic Attorneys.