FinCEN Updates BOIR Rules - Help to US Companies and Citizens! {BOIR Update March 21, 2025}

Thanks to Relay for sponsoring this video. Relay is offering the Clara CFO community $100 for new accounts opened with a deposit of $100 or more. To learn more about Relay go to https://www.claracfo.com/relay To find the Interim Final Rule discussed in this video, go to: https://www.fincen.gov/resources/statutes-regulations/federal-register-notices/beneficial-ownership-information-3 Major BOI Reporting Update from FinCEN (March 21, 2025) U.S.-based small business owners, you're officially off the hook! In this FINAL update on BOI (Beneficial Ownership Information) reporting, I break down the new interim final rule from FinCEN that exempts domestic reporting companies from filing BOI. In this video you will find: 0:00 – Introduction 0:26 – Relay Sponsor Message 1:07 – Domestic Companies No Longer Have to Report 1:57 – Who Qualifies as a Domestic vs. Foreign Reporting Company 3:03 – Why FinCEN Repealed the Requirement 5:46 – U.S. Citizens with Foreign Companies – Also Exempt 6:39 – New Deadline for Foreign Reporting Companies Important disclosures: Relay is a financial technology company, not a bank. Banking services and FDIC insurance are provided through Thread Bank, Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted. *The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000. There are no minimum balances or minimum deposits required to earn interest on your account. Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.