Do you still need to file a BOI report?
No, not if your company was formed in the US. FinCEN removed the requirement for US companies and US persons in March 2025 and made that permanent in a final rule effective August 2026. Foreign companies registered to do business in a US state may still have to report.
Updated November 2026 · By Pankil Kumar, Managing Partner
Quick facts
- US companies. US-formed companies don't file
- Still report. Foreign companies registered in a US state
- Watch for. Fake FinCEN notices asking for payment
What changed?
The Corporate Transparency Act originally required most small companies to report their owners to FinCEN. After months of court fights, FinCEN issued an interim rule in March 2025 that removed US companies and US persons from the requirement. In August 2026, it finalized that rule, effective August 14, 2026, and said it would delete information previously reported by US persons.
So if you've got a US-formed LLC or corporation, you don't file, and you don't need to update anything.
Who still has to report?
Entities formed under foreign law that have registered to do business in a US state or tribal jurisdiction can still be reporting companies. They report their foreign beneficial owners. US-person owners are left out.
Note the difference here. A US LLC owned by a foreign person is a US-formed company, so it's exempt from this report. But it still has its own IRS filings, including Form 5472.
What about state rules?
Some states have looked at their own ownership reporting laws. New York passed an LLC transparency law, for example, so don't assume the federal change covers everything. Check your state's Secretary of State website.
How do you spot a scam?
FinCEN doesn't send unsolicited requests or charge a filing fee. Be wary of these.
- Letters with a QR code asking for your ownership details
- Emails threatening fines for not filing
- A company charging a fee to "stay compliant" with BOI
- Anything that looks official but isn't from fincen.gov
If you already paid a service, ask for a refund. You don't need to do anything with FinCEN.
What do you still need to do?
Your US LLC still has plenty of real filings, including annual reports, a tax return, and sales tax or payroll if they apply. Our first-year checklist lists them.
Sources
- FinCEN: Beneficial ownership information
- FinCEN: Permanently ends BOI reporting for small business owners
- FinCEN: Interim final rule questions and answers
General information, not tax advice for your situation.
Starting a business?
We form the LLC, get the EIN and set up your books.
See our LLC formation serviceDo I need to file a BOI report for my LLC?
Not if it was formed in the US. FinCEN exempted US companies, and that's now in a final rule.
What if I already filed a BOI report?
You don't need to do anything. FinCEN says it will delete information reported by US persons.
Is there still a penalty for not filing BOI?
Not for US companies. FinCEN says it won't enforce penalties against them under the rule.
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