Important Update: FinCEN Ends BOI Reporting for U.S. Companies

By: Dimple Sankhla | August 13, 2026

FinCEN has finalized a significant change to the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act.

On August 11, 2026, the Financial Crimes Enforcement Network (FinCEN) announced a final rule that permanently removes the BOI reporting requirement for companies created in the United States. As a result, U.S. companies are no longer required to file BOI reports with FinCEN.

For most U.S. business owners, this means there is no longer a requirement to file an initial BOI report or to update or correct a BOI report that was previously filed.

The change also applies to U.S. persons. U.S. persons are no longer required to provide beneficial ownership information under these reporting rules. In addition, individuals who previously obtained a FinCEN Identifier are no longer required to update or correct the information they submitted to obtain that identifier.

What happens to information that was already filed?

Many businesses filed BOI reports before these requirements changed. FinCEN has announced that it will delete from the BOI database information previously reported by  U.S. persons who are now exempt from the reporting requirements.

Businesses generally do not need to take action simply because they previously filed a BOI report.

Foreign companies may still have a filing requirement.

The new rule does not eliminate BOI reporting in every situation.

Certain entities formed outside the United States that are registered to do business in a U.S. state or Tribal jurisdiction continue to be reporting companies if they meet the regulatory definition and do not qualify for an exemption. These foreign reporting companies may still be required to report information concerning certain non-U.S. beneficial owners and non-U.S. company applicants.

The rules applicable to foreign entities are more limited and should be reviewed based on the particular facts and ownership structure of the business.

What should business owners do now?

For companies formed in the United States, the federal BOI reporting requirement is no longer applicable.

Business owners should nevertheless remember that this change relates specifically to the federal BOI reporting requirements administered by FinCEN. It does not eliminate other federal, state or local tax filings, annual reports, business registrations, licenses or similar compliance requirements.

Businesses should also be cautious about BOI-related notices and solicitations. If you receive a request for payment or for personal information in connection with a BOI filing, consider confirming whether the filing is actually required before responding.

If you have questions about how these changes apply to your business, please contact our office.
 

Important Notice: This publication is intended to provide general information and should not be considered legal, tax or other professional advice. The application of the Corporate Transparency Act and related regulations may depend on a business’s particular facts and circumstances. Businesses with questions regarding their legal obligations should consult appropriate legal counsel or another qualified professional.

Source: Financial Crimes Enforcement Network (FinCEN), U.S. Department of the Treasury, Beneficial Ownership Information Reporting Requirement Revision Final Rule, August 11, 2026.