In a significant regulatory change, the Financial Crimes Enforcement Network (FinCEN) has finalized a rule that permanently eliminates Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). The final rule became effective upon its publication in the Federal Register on August 11, 2026.
Under the revised regulation, domestic companies are no longer required to file BOI reports with FinCEN, and U.S. individuals are no longer required to provide or update beneficial ownership information. FinCEN has also announced that it will delete previously submitted BOI records associated with U.S. persons who are now exempt from reporting requirements.
While the reporting obligations have been removed for U.S. businesses and individuals, certain foreign entities registered to do business in the United States must still report beneficial ownership information relating to foreign beneficial owners.
This change provides relief for millions of small business owners who were preparing for or maintaining CTA compliance and marks a major shift in the federal government’s approach to beneficial ownership reporting. Businesses that were previously subject to BOI reporting requirements should review the final rule and consult their advisors to understand how these changes apply to their specific circumstances.
If you would like more information, check out these frequently asked questions.
Sources:
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Federal Register: Beneficial Ownership Information Reporting Requirement Revision
https://www.federalregister.gov/documents/2026/08/14/2026-16576/beneficial-ownership-information-reporting-requirement-revision
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FinCEN: FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners
https://www.fincen.gov/news/news-releases/fincen-permanently-ends-beneficial-ownership-reporting-requirements-millions
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