BOI Reporting: Does Your Business Still Need to File?

If you formed an LLC or corporation in the last few years, you probably heard you had to file a “BOI report” with the federal government or face steep fines. Then came court fights, deadline extensions, an interim rule and plenty of confusing emails from companies offering to file for you.

Here’s the short answer as of October 2026: if your company was formed in the United States, you don’t need to file a beneficial ownership information report with FinCEN. A final rule issued in August 2026 made that exemption permanent. A narrow group of foreign companies still has to report, and scammers are still sending fake notices.

This guide explains what changed, who is still covered, what to do if you already filed and how to avoid BOI scams. This is not legal advice. Confirm your situation with FinCEN’s official guidance or an attorney.

What BOI reporting was

The Corporate Transparency Act, passed in 2021, required many small companies to report their “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury. Beneficial owners are the people who own at least 25% of a company or exercise substantial control over it. The goal was to make it harder to hide money behind anonymous shell companies.

Reporting began January 1, 2024, and originally covered millions of small LLCs and corporations. Large companies, banks, public companies and many regulated entities were exempt because they already report to other agencies.

What changed in 2025 and 2026

The rules shifted several times. Here’s the timeline that matters for most owners:

The August 2026 final rule made the 2025 interim exemptions permanent. FinCEN also said it will delete beneficial ownership information previously reported by US persons.

Key takeaway: If your LLC, corporation or similar entity was created in the United States, you do not need to file a BOI report with FinCEN, and you don’t need to update a report you filed before.

Who still has to file

Under the current rule, BOI reporting applies only to certain foreign reporting companies. According to FinCEN’s BOI page, that generally means an entity that:

1. Was formed under the law of a foreign country, and
2. Is registered to do business in a US state or tribal jurisdiction by filing a document with a secretary of state or similar office, and
3. Doesn’t qualify for one of the existing exemptions.

Even these companies report only their non-US beneficial owners. They don’t need to report US persons as beneficial owners or company applicants.

Deadline for foreign companies: FinCEN says foreign companies registered to do business in the US on or after March 26, 2025, have 30 calendar days to file an initial report after receiving notice that their registration is effective. Those registered before that date had until April 25, 2025.

Quick check: do you need to file?

What if you already filed?

You don’t need to do anything. FinCEN says US persons with a FinCEN ID don’t need to update or correct information they previously submitted, and its August 2026 announcement says it will delete information previously reported by US persons.

You also don’t need to file updated reports when owners change, addresses move or the business dissolves, as long as the company was formed in the US.

State beneficial ownership laws

The federal rollback doesn’t automatically end state requirements, so check your state.

The most notable example is New York’s LLC Transparency Act, which took effect January 1, 2026. Because it relies on federal definitions, the New York Department of State currently applies its disclosure rules to LLCs formed under foreign law and authorized to do business in New York. According to the Department’s guidance, those LLCs file through its online system for a $25 fee, and exempt companies file an attestation of exemption instead. Entities already authorized before 2026 have until the end of 2026 to file, and new ones have 30 days after filing for authority. New York’s rules could change, so confirm the current scope on the Department of State’s site.

Other states have considered similar laws. If you operate in several states, ask your registered agent or attorney to confirm whether any state-level disclosure applies to you.

Banks may still ask about owners

Separate from BOI reporting, banks and other financial institutions are required to collect beneficial ownership information when businesses open accounts under customer due diligence rules. So you may still be asked who owns and controls your company when you open a business bank account or apply for a loan. That’s normal and unrelated to FinCEN BOI filings.

How to avoid BOI filing scams

The confusion around BOI reporting created a perfect setup for scammers. Many small business owners have received official-looking letters, emails and texts demanding a filing fee or threatening penalties.

FinCEN’s BOI page lists clear warning signs:

• There is no fee to file BOI directly with FinCEN. Anyone charging a “government filing fee” is not FinCEN.
• FinCEN has no “Form 4022” or “Form 5102.” Correspondence referencing them is fraudulent.
• There is no “US Business Regulations Dept.” Letters from it are fake.
• FinCEN does not send initial correspondence about penalties by email or phone.
• Don’t click links or scan QR codes in unexpected BOI messages, and never pay in response to a penalty demand you didn’t verify.

Some legitimate law firms and filing services did help companies file BOI reports for a fee. But a US company has no reason to pay anyone to file now. If you get a demand, look up FinCEN’s contact details yourself rather than using any number or link in the message. Our guides on spotting phishing emails and how to report a scam explain what to do next.

Where to start: a 5-minute compliance check

1. Find your formation documents. Confirm the state or country where your company was formed.
2. If it was formed in the US, you’re exempt from FinCEN BOI reporting. Note the date you checked and move on.
3. If it was formed abroad and registered in a US state, review FinCEN’s current guidance and file for non-US beneficial owners within the deadline.
4. Check state rules, especially if you’re a foreign-formed LLC registered in New York.
5. Warn your team. Tell whoever opens the mail or handles finances that BOI fee demands are almost certainly scams.

Starting a new company? Our guides to forming an LLC online and getting an EIN cover the filings that still apply.

Conclusion

For nearly every small business formed in the United States, BOI reporting is over. FinCEN’s August 2026 final rule permanently exempts US companies and US persons, and previously filed reports don’t need updates. Only companies formed abroad and registered to do business in a US state still report, and only for non-US owners. Keep an eye on state laws like New York’s, and treat any message asking you to pay for a BOI filing as a likely scam.

Sources

• FinCEN: Beneficial Ownership Information Reporting — current exemptions, foreign company deadlines and scam warnings
• FinCEN news release, August 11, 2026: FinCEN Permanently Ends Beneficial Ownership Reporting Requirements — final rule exempting US companies and US persons, deletion of US persons’ data
• FinCEN news release, March 21, 2025: interim final rule — removal of requirements for US companies and new deadlines for foreign companies
• FinCEN BOI Newsroom — timeline of 2025 and 2026 notices
• New York Department of State: Beneficial Owner Disclosure — New York LLC Transparency Act filing rules for foreign-formed LLCs