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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…

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…ed as follows: “Copied from the website of Bierce & Kenerson, P.C., http://www.biercekenerson.com. All rights reserved.” For any other use, please contact us. DMCA Notice. If you claim any copyright infringement by this site, you must notify us by mail at: Webmaster Bierce & Kenerson, P.C. 512 Bedford Road Mt. Kisco, New York 10549-4520 You must state how the alleged copyright infringement exists and provide us with an opportunity to respond and c…