As of October 2026, US companies don't have to file beneficial ownership information (BOI) reports. FinCEN's final rule of 11 August 2026, effective 14 August 2026, made the exemption permanent, so BOI reporting now applies only to certain foreign companies registered to do business in the US.
If you set up an LLC in the last few years, you'll remember the scramble over the Corporate Transparency Act. Plenty of older guidance still tells you to file, and FinCEN itself warns that parts of its own site are out of date. Here's what its current alert says.
What changed and when
| Date | What happened |
|---|---|
| 21 March 2025 | FinCEN announced an interim final rule removing BOI reporting for US companies and US persons |
| 26 March 2025 | The interim final rule was published |
| 11 August 2026 | FinCEN issued a final rule making those exemptions permanent and expanding relief for US persons |
| 14 August 2026 | The final rule became effective |
Under the final rule, FinCEN says US companies are exempt and no longer required to file BOI reports, reporting companies don't report BOI for US person beneficial owners or company applicants, and US persons don't have to provide BOI to reporting companies.
The detail that's easy to miss
FinCEN's press release on 11 August 2026 also said it will delete information previously reported by US persons, who are now exempt, from the beneficial ownership database. And US persons with a FinCEN ID aren't required to update or correct the information they gave before. If you filed in 2024 and have been worrying about keeping it current, you can stop.
FinCEN even warns that some information on its own website may be out of date, and tells you to disregard guidance saying US companies must report BOI, that BOI must be reported for US persons, or that reports were due before 25 April 2025.
Who still has to report
The definition of a reporting company now covers only entities formed under the law of a foreign country that have registered to do business in a US state or tribal jurisdiction by filing a document with a secretary of state or similar office. Even then:
- They don't report US persons as beneficial owners or company applicants
- They only report foreign individuals
- The 23 types of exempt entities, such as certain publicly traded companies, many nonprofits and certain large operating companies, can still apply
The large operating company exemption
For a foreign company weighing up whether it's caught, one exemption FinCEN's FAQs cover in detail is the large operating company one. To qualify, an entity must have more than 20 full-time employees in the United States, have filed a US federal income tax or information return for the previous year showing more than $5,000,000 in gross receipts or sales (as of October 2026), and have an operating presence at a physical office in the United States. FinCEN says the employee count can't be consolidated across related companies; the entity itself has to meet it.
Foreign companies that do have to report file through FinCEN's BOI E-Filing System. A FinCEN ID for individuals is optional.
Deadlines for foreign companies
Under the 2025 interim rule, whose exemptions the final rule made permanent, foreign reporting companies registered to do business in the US on or after 26 March 2025 had 30 calendar days to file an initial report after receiving notice that their registration was effective. FinCEN's FAQs also say an updated report should be filed within 30 calendar days if reported information changes. Check the final rule on FinCEN's site for your own facts, because those pages were written before August 2026.
What this means for you
| You are | BOI reporting as of October 2026 |
|---|---|
| A US LLC or corporation, any size | No report required |
| A US citizen or resident who owns a foreign company registered in a US state | Not reported as a beneficial owner |
| A foreign company registered to do business in a US state | May need to report its foreign beneficial owners |
| Someone with an existing FinCEN ID | No need to update or correct it |
If a company formation service or a letter tries to sell you a BOI filing for a US LLC, that's a red flag. FinCEN's own page says US companies are exempt, so there's nothing for them to file.
What to do now if you own a US company
- Check your company was formed in the US. If it was, FinCEN's final rule exempts it.
- Ignore reminders or offers to file a BOI report for it, and don't pay for one.
- Keep your FinCEN ID if you have one; there's nothing to update.
- If you also own a foreign company registered to do business in a US state, check whether it's a reporting company with foreign beneficial owners.
What hasn't changed
This is a federal reporting change only. Your state filings, annual reports and registered agent duties carry on as before, and so do your IRS obligations, including Form 5472 if your US LLC is foreign owned. If you're comparing ways to set one up, see the best LLC formation services and LLC versus sole proprietorship.
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My verdict
If you run a US company, BOI reporting is over: FinCEN's August 2026 final rule says so in black and white. Don't pay anyone to file one, ignore old deadline warnings, and spend the time on the filings that still apply. Only a foreign company registered to do business in a US state needs to look at this again. If a bank or adviser asks, point them to FinCEN's alert dated 11 August 2026.
Another US reporting rule many owners trip over is covered in our FBAR guide.
Frequently asked questions
Do I still need to file a BOI report in 2026?
Not if you're a US company. FinCEN's final rule, effective 14 August 2026, exempts US companies from BOI reporting.
Who still has to file BOI reports?
Only certain foreign companies registered to do business in a US state or tribal jurisdiction, and they report only foreign individuals, not US persons.
Is the Corporate Transparency Act still in force?
The law remains, but FinCEN's rules now exempt US companies and US persons from BOI reporting under it.
What happens to BOI I already filed?
FinCEN said on 11 August 2026 that it will delete information previously reported by US persons from the BOI database.
Do I need to update my FinCEN ID?
No. FinCEN says US persons with a FinCEN ID aren't required to update or correct information they previously submitted.
Does a single-member US LLC need to file a BOI report?
No. Every entity created in the United States is exempt, whatever its size or number of owners, under FinCEN's final rule.
What is the deadline for foreign reporting companies?
Under the interim rule that the final rule made permanent, those registered on or after 26 March 2025 had 30 calendar days after notice of registration to file an initial report.
