In 2024, small business owners were told they had to file beneficial ownership information (BOI) reports with FinCEN under the Corporate Transparency Act. A lot has changed since then.
The short answer
For most U.S. small businesses, no. FinCEN issued an interim rule in March 2025 exempting companies formed in the United States from BOI reporting, and in August 2026 it issued a final rule making that exemption permanent. U.S. persons also no longer have to be reported as beneficial owners.
Who still has to report?
Companies formed outside the United States that register to do business in a U.S. state may still have reporting obligations, generally limited to their non-U.S. beneficial owners. If that describes your business, talk to an attorney.
What if I already filed?
U.S. companies and U.S. persons are not required to update or correct reports they previously filed.
Don't forget state rules
Some states have their own ownership disclosure requirements. New York, for example, has its own LLC transparency law. Check the rules in every state where your business is registered.
Keep ownership records anyway
Banks, lenders and states still ask who owns and controls your business. Keeping an up-to-date ownership record makes those requests easy.
Rules in this area have changed several times. This article reflects the rules as of September 2026. For legal advice about your specific situation, consult an attorney.
This article is general information, current as of September 2026, and is not tax, legal or financial advice for your situation. Tax rules change often. Talk with us before acting on anything here.