The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons (including pharmacies and pharmacists) to report beneficial ownership information to FinCEN under the Corporate Transparency Act (CTA). The rule is effective Aug. 14. This is a major win for NCPA members.
Under the CTA, small businesses (including pharmacies) with 20 or fewer full-time employees that did not otherwise meet an exemption were required to file a beneficial ownership information report with the U.S. Treasury's Financial Crimes Enforcement Network. Past court decisions and regulatory changes had caused the enforcement of this rule to be in flux.
You can read the final rule here.
NCPA advocated for the CTA's repeal or delay in April 2024, September 2024, December 2024, and January 2025.
