Attorney Austin Alderman Publishes “Domestic Reporting Companies Exempt from CTA”

Published: March 26, 2025

(Orlando, FL) On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued 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 (CTA). In the article “Domestic Reporting Companies Exempt from CTA”, attorney Austin Alderman reviews the impact of the rule and provides insights into next steps.

The author writes, “The rule introduced key changes, including exemptions for domestic reporting companies and adjustments to reporting obligations for foreign entities.” Regarding next steps Austin notes FinCEN is accepting public comments for the next 60 days.

Initially enacted in 2021, the CTA has faced ongoing scrutiny, declared unconstitutional in March 2024 by a U.S. District Court Judge, followed by additional judicial scrutiny, including an order by the Fifth Circuit which paused BOI reporting. FinCEN filed an application for a stay of the injunction with the United States Supreme Court in January 2025.

Read the article in its entirety: https://www.deanmead.com/domestic-reporting-companies-exempt-from-cta/.