BOI Reporting: US Companies Are Now Exempt
Updated August 2026. If your company was formed in the United States, you no longer have to file a Beneficial Ownership Information report. FinCEN exempted domestic companies in March 2025, and the March 21, 2025 deadline this article originally covered no longer applies to you.
What changed. On March 26, 2025, FinCEN issued an interim final rule that removed all entities created in the United States from the definition of a reporting company. US-formed LLCs and corporations no longer file initial, updated, or corrected BOI reports. The March 21, 2025 deadline described in the original version of this article was superseded five days after it passed, and this page has been corrected.
Only foreign reporting companies — entities formed under the law of another country and registered to do business in a US state or tribal jurisdiction — remain in scope, unless they qualify for a separate exemption. If that is you, talk to your advisor about your current filing position.
What BOI reporting was, and why it still matters to know:
The BOI report is a FinCEN filing that discloses who ultimately owns and controls a company. This helps prevent money laundering and other illegal activities. Under the Corporate Transparency Act, the government requires SMEs (LLCs, corporations, and similar entities) to submit BOI reports unless they qualify for an exemption. FinCEN has since narrowed that requirement substantially, as described above.
Where BOI reporting stands now:
- Who needs to file: Only foreign reporting companies. A US-formed LLC, corporation, or similar entity does not file unless exempt.
- What’s required: You need to provide the full legal names, dates of birth, addresses, and government-issued IDs of all your beneficial owners.
- What happens for a company still in scope: Civil penalties run into the hundreds of dollars per day, and willful violations can carry criminal fines and imprisonment. These apply to foreign reporting companies that fail to file — not to US-formed entities, which are exempt.
What to do depending on your situation:
- US-formed company, never filed: nothing to do. You are exempt.
- US-formed company, already filed in early 2025: nothing to do, and nothing to maintain. Better than that, FinCEN has said it will delete information already reported by US persons from the beneficial ownership database.
- Foreign company registered in a US state: still in scope, but you report only non-US beneficial owners, and no US person company applicants. A foreign entity registering now has 30 calendar days from notice that its registration is effective.
How Parikh Financial helps:
- Tell you where you actually stand: whether your entity is in scope at all, which for most US-formed businesses it is not.
- Handle the filing if you are a foreign reporting company: accurate beneficial-ownership detail, filed correctly.
- Track the rule: it is no longer interim. FinCEN issued a final rule on 11 August 2026, effective 14 August, making the exemption permanent and widening it. We follow this so you do not have to.
Check your position once, then move on:
Most owner-operated US businesses have nothing left to do here. The value now is confirming that in one conversation rather than carrying it as an open worry, or filing something you were exempt from.
Confirm whether the exemption covers you:
Not sure whether the exemption covers your entity, book a call with our team.
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Frequently asked
Questions, answered
Do US LLCs and corporations still have to file a BOI report?
No. On March 26, 2025, FinCEN issued an interim final rule that exempts all entities created in the United States, including LLCs and corporations once called domestic reporting companies, from BOI reporting. US-formed businesses and their beneficial owners no longer file initial, updated, or corrected reports. The March 21, 2025 deadline referenced earlier no longer applies to domestic entities. Only foreign entities registered to do business in the US remain in scope.
Who still has to file a BOI report after the 2025 rule change?
Only foreign reporting companies, meaning entities formed under the laws of another country that have registered to do business in a US state or tribal jurisdiction, must still file unless otherwise exempt. Even then, they do not report any US persons as beneficial owners. Those registered before March 26, 2025 had a deadline of April 25, 2025; later registrants get 30 calendar days after their registration becomes effective.
I already filed a BOI report in early 2025. Do I need to do anything now?
If your business was formed in the US, no further action is needed. The interim final rule exempts domestic entities from filing initial, updated, or corrected reports, so you do not have to maintain or revise a previously submitted filing. Note the rule is still interim and FinCEN intends to finalize it, so rules could shift. If your entity is foreign-formed or your structure is unusual, confirm your status with a professional before assuming you are exempt.