Insight
Do you still have to file a BOI report?
Beneficial ownership reporting caused anxiety in 2024. For US companies it is now gone, whatever some firms' websites still say.
If you formed an LLC or a corporation in the last few years, you probably remember the Corporate Transparency Act: the requirement to file beneficial ownership information with FinCEN, the threatened penalties, and the deadline that moved repeatedly through 2024 and 2025.
You can stop thinking about it.
The current position
FinCEN final rule, effective 14 August 2026
FinCEN's final rule permanently removes the BOI reporting requirement for US companies and US persons.
"Reporting company" now means only entities formed under the law of a foreign country and registered to do business in a US state or tribal jurisdiction.
All US-formed entities are exempt: as are US persons who are beneficial owners of foreign reporting companies.
Who still has an obligation
Foreign-formed entities registered to do business in the United States. If your entity was formed in Delaware, California or any other US state, that is not you.
If you operate a genuinely foreign-formed entity registered here, the obligation persists and the timing rules are short: worth a conversation.
Why this is worth knowing about your accountant
A meaningful number of accounting and legal websites still carry 2024-era pages urging clients to file, some still offering it as a paid service.
That is not dishonesty, it is a website nobody has looked at in two years, but if a firm is still selling you a filing that was abolished, it is fair to wonder what else on their site has not been checked.