Beneficial Ownership Information Reporting
ALERT [Updated August 11, 2026]:
FinCEN has finalized its BOI reporting rule. Under the new rule:
- U.S. companies are exempt from BOI reporting requirements and therefore, are no longer required to file BOI reports.
- Only certain foreign companies registered to do business in the U.S. must report BOI.
- These foreign companies do not need to report BOI for U.S. person beneficial owners or U.S. person company applicants.
- U.S. persons with a FinCEN ID are not required to update or correct the information they previously submitted to FinCEN.
For the most current information, please refer to FinCEN’s final rule and press release.
Ownership Details
Identifies individuals with significant control or ownership of the company.
Single Submission
Required once unless there are updates or corrections needed.
Data Accuracy
Ensures accurate identification and records of beneficial owners.
Anti-Fraud
Designed to prevent illicit financing and fraudulent activities.
Confidential Filing
Information submitted is securely handled and kept confidential.
Compliance Mandate
Mandatory for many businesses operating within the USA.
Regulatory Authority
Overseen by the Financial Crimes Enforcement Network (FinCEN).
Effective Date
Requirements begin on January 1, 2024.
Required vs. Exempt
Who has to report?
Domestic reporting companies
NOT ANY MORE _Ruling changed - See updates or Fincen.gov Corporations, limited liability companies and any other entity created by filing a document with a secretary of state or any similar office in the USA is no longer required to file the BOIR.
Foreign reporting companies
Entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States.
Who is NOT required to report?
While most small businesses are required to report their beneficial ownership information, there are a few businesses that do not need to file. Twenty-three types of entities are exempt from the beneficial ownership reporting requirements, including publicly traded companies, nonprofit organizations and certain large operating companies. See the Small Entity Compliance Guide. Companies and services that do not have to file a report include:
- US Companies
- Brokers and financial agents
- Money transfer or money transmission service companies.
- Certain banks and bank holding companies.
- Large companies with more than $5,000,000 in gross sales that have a physical operating office in the U.S. and more than 20 full-time employees.US
Why do companies have to report to The U.S. Treasury Department?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the US government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.