Do you need to file a BOI report? Not if your company was formed in the US

If you formed an LLC or a corporation in the United States, you don't need to file a beneficial ownership information report. That's been true in practice since March 2025, and FinCEN's final rule made it permanent on August 14, 2026.

That's a big change from what owners were told in 2024, when the rule looked set to cover tens of millions of small businesses. A lot of out-of-date advice, and a fair number of scams, are still circulating. This guide sets out where things stand.

What BOI reporting was

The Corporate Transparency Act, passed by Congress in 2021, set out to stop anonymous shell companies being used to hide money. It required most small companies to report their "beneficial owners," the people who own or control them, to the Financial Crimes Enforcement Network, a bureau of the Treasury.

Reporting began on January 1, 2024. As written, it applied to most corporations and LLCs formed or registered in the US, with exemptions for larger companies, regulated businesses and a few others. Each company had to report the name, date of birth, address and an ID number for each owner and for the person who filed its formation documents.

What changed

The rule never settled into a routine. Court challenges paused and restarted enforcement more than once during 2024 and early 2025. Then, in March 2025, FinCEN issued an interim final rule that exempted every company formed in the US, and every US person, from reporting.

On August 11, 2026, FinCEN issued a final rule making that exemption permanent, and it took effect on August 14, 2026. FinCEN's own summary is plain: all entities created in the United States, including those previously known as domestic reporting companies, and their beneficial owners, are now exempt.

FinCEN also said it will delete information previously reported by US persons, who are now exempt, from its beneficial ownership database.

Who still has to file

The definition of a "reporting company" is now narrow. It covers only entities formed under the law of a foreign country that have registered to do business in a US state or tribal jurisdiction, for example by filing as a foreign company with a Secretary of State.

For those companies:

• The deadline is 30 calendar days after they receive notice that their registration to do business is effective. Foreign companies registered before March 26, 2025 had to file by April 25, 2025.
• US owners are left out. Reporting companies don't report US persons as beneficial owners or as company applicants.
• Filing is free through FinCEN's own e-filing system.

If you own a company formed outside the US that has registered in a US state, check FinCEN's current guidance and file on time. If your company was formed in the US, none of this applies to it, whoever owns it.

What this means for founders outside the US

This is the one group that should read the rule carefully. A founder who lives abroad and forms a Delaware or Wyoming LLC has formed a US company, so it is exempt, just like any other US-formed company. The rule only bites if the company itself was formed in another country and then registered to do business in a US state.

So an Indian private limited company that registers as a foreign corporation in Texas to open an office there still reports, while a Wyoming LLC owned entirely by the same founder does not. Our guide to starting a US company from abroad covers the choices in that setup.

If you already filed

Many owners filed in 2024 or early 2025, before the exemption. If that's you, there's nothing to do. You don't need to update or correct what you filed, and you don't need to withdraw it. FinCEN has said it will delete previously reported information from US persons, and US persons who obtained a FinCEN ID don't need to keep it current.

Your bank will still ask about your owners

This catches people out. When you open a business bank account, the bank will still ask who owns and controls the company, and it may want ID for each of them. That isn't BOI reporting. It's a separate, long-standing rule, FinCEN's customer due diligence rule, that requires banks to identify the beneficial owners of the companies they open accounts for. The BOI exemption doesn't change it, and the bank's questions go to the bank, not to FinCEN.

In practice, banks generally ask about each person who owns 25% or more of the company, plus one person who controls it, such as a managing member or chief executive. Have names, dates of birth, addresses and ID ready, along with your formation documents and EIN. Our guide to opening a business bank account covers the rest of what banks ask for.

Could federal reporting come back?

The final rule removed the requirement through regulation. The Corporate Transparency Act itself is still law, so a future administration could revisit the rule, or Congress could change the act. Neither is on the horizon as of the date this article was checked, but the history of the last few years shows how quickly things can move.

The practical advice doesn't change much either way. Keep a simple record of who owns your company and in what proportion, and keep it current when owners change. You'll need it for your bank, your accountant and any investor, and it means you could file quickly if the rules ever came back.

Watch for state-level rules

The federal exemption doesn't stop states from passing their own disclosure laws, and at least one has.

New York's LLC Transparency Act took effect on January 1, 2026. Before it did, the New York Department of State confirmed that it applies only to LLCs formed outside the United States that are authorized to do business in New York. New York LLCs, and LLCs formed in other US states that are registered in New York, are exempt.

Non-US LLCs authorized in New York before 2026 have until December 31, 2026 to file a beneficial ownership disclosure or an attestation of exemption. Those authorized from 2026 onward have 30 days from filing their application for authority. If you own a non-US LLC registered in New York, put that date on your calendar.

Other states have debated similar laws. If your company is registered in several states, ask whoever handles your compliance to watch for them.

The scams are still out there

When BOI reporting was new, scammers took advantage of the confusion, and their letters and emails haven't all stopped. FinCEN warned about them directly. Common signs include:

• A demand for a "filing fee." There's no fee to file with FinCEN.
• Made-up form numbers, such as "Form 4022" or "Form 5102," or official- sounding documents titled "Important Compliance Notice."
• Agency names that sound like FinCEN but aren't, such as "United States Business Regulations Department."
• QR codes or links to pay online, or instructions to mail a check.

If your company was formed in the US, any message telling you a BOI report is overdue is wrong. Don't pay, don't click, and don't send personal details. If in doubt, go to fincen.gov directly rather than following a link. If you've already paid one of these senders, contact your bank or card issuer quickly to dispute the charge.

What you do still need to file

Dropping BOI reports doesn't mean an LLC has nothing to file. These still apply, and they're where your attention should go:

• Your state's annual report and any yearly tax, such as California's $800 or Delaware's $400. Our guide to LLC annual reports and fees covers every main state.
• Federal and state income tax returns for the LLC or its owners.
• Payroll filings if you have employees.
• Sales tax returns if you collect sales tax.
• Local business license renewals, covered in our guide to business licenses.

How we'll keep this current

Beneficial ownership rules have changed several times since 2024, and they could change again, through new legislation, a court decision or state laws. This article lists the date each source was checked at the bottom of the page, and we update it when FinCEN or a state changes the rules. If you're reading this long after that date, check fincen.gov before you rely on it.

The bottom line

For a company formed in the US, BOI reporting is over. You don't need to file, update or withdraw anything, and you can ignore anyone who says otherwise. Foreign-formed companies registered in a US state still report, within 30 days of registering, without listing US owners. Spend the time you've saved on the filings that do apply, starting with your state's annual report.