U.S.-formed Entities Are Exempt from Business Ownership Interest Reports under Corporate Transparency Act
…U.S. persons who are beneficial owners of a foreign reporting company This news is a great relief to U.S. small business. This announcement follows upon two litigations that enjoined enforcement due to excessive burdens on more than 32 million American-based small businesses. FinCEN estimated the total aggregate labor costs for reporting companies filing initial BOI reports in the first year of the Reporting Rule to be $21.7 billion and for report…