Knowledge Center | Compliance & reporting
If you formed a company in the last two years, this rule changed twice.
Beneficial ownership reporting to FinCEN no longer applies to US-formed companies. Here's what the current rule says, who still files, and why a lot of sites still have it wrong.
Simple decision tree: formed in the US, or formed abroad and registered here. Two outcomes.
1200 x 750If your company was formed in the United States, you don't file a BOI report. A final rule published on 14 August 2026 removed domestic companies from the definition of a reporting company.
If your company was formed under foreign law and registered to do business in a US state, you still report, generally within 30 days, and you no longer have to report US-person beneficial owners or company applicants.
That's the whole answer. The rest of this page is context, because this rule has moved around enough that a one-line answer reasonably doesn't inspire confidence.
Background
What this was supposed to be
The Corporate Transparency Act created a requirement for companies to report their beneficial owners, meaning the real people behind them, to the Financial Crimes Enforcement Network. The aim was making it harder to hide behind shell companies.
For small business owners it landed as a new federal filing with penalties attached. That generated a great deal of anxiety and, predictably, a small industry charging to submit a form that was free.
Then it moved. An interim final rule in March 2025 exempted domestic entities. The final rule published 14 August 2026 adopted that position with limited changes, effective immediately.
Keeping track of what's actually due is part of the job
This rule moved twice while most of the internet left the old version up. That's the unglamorous half of business formation: not the filing, but noticing when the requirements change while you're busy running the thing.
Current position
Who reports and who doesn't
| Situation | Do you file? |
|---|---|
| LLC or corporation formed in a US state | No. Domestic entities are no longer reporting companies. |
| Formed abroad, registered to do business in a US state | Yes. Generally within 30 days of notice of registration. |
| US person who owns part of a foreign reporting company | Your information no longer has to be reported. |
| Non-US person who holds a FinCEN ID | Still has to keep it updated and corrected. |
| Foreign pooled investment vehicle | Reports a non-US person with substantial control. |
| Changes to information already reported | Updates and corrections generally due within 30 days of the change. |
Source: Federal Register, 91 FR 52508, published 14 August 2026, and FinCEN's own BOI page.
Important
What this does not change
The exemption covers one federal filing. It is not a general release from reporting or disclosure, and reading it that way causes problems.
- Your state's annual or biennial report still has to be filed.
- Franchise taxes and state fees still apply where your state charges them.
- Federal and state tax returns are unaffected.
- Licensing and permit disclosures are unaffected.
- Your bank still identifies beneficial owners when you open an account. That's a separate federal requirement.
- Courts can still compel disclosure of ownership.
- Registered agent and address records still have to be kept current.
A term worth decoding
"Non-reporting LLC" isn't a type of company
You'll see it advertised. It describes an LLC that falls outside this one federal reporting requirement - which, since August 2026, describes essentially every LLC formed in the United States. It's a bit like selling a car with the feature "has wheels."
There's no separate filing, no special status, and nothing to buy. If someone is selling you a "non-reporting LLC" as a product, they're selling you an ordinary LLC with a label on it.
If you paid someone to file a BOI report, that service may no longer be necessary. And if you're on a recurring plan that includes BOI monitoring for a US-formed company, it's worth a phone call to ask what exactly is being monitored.
Why the internet disagrees with itself
Three versions of this answer are circulating
All three were correct at some point, which is why searching produces contradictions.
"Every small company must file or face penalties"
The original position under the Corporate Transparency Act. Widely written about, heavily monetized, and no longer applicable to domestic companies.
"It's paused, it's back, nobody knows"
The litigation period, when enforcement status genuinely shifted. Content from this window reads as uncertain because it was.
"Domestic companies are exempt"
The current position, settled by the final rule published 14 August 2026.
When you find a page saying something different, check its date before you believe it. Including this one's, which is at the top where you can see it.
Related
Keep reading
Where NCC fits: keeping track of what's actually due is part of formation support. This is the kind of thing that changes while you're busy running a business. Formation support ->
Sources
Check our work
This page cites the rule itself rather than commentary about it, because commentary on this subject has a short shelf life.
General education, reviewed 27 October 2026. NCC does not provide legal advice of any kind. This area has changed more than once in two years. Confirm the current position with FinCEN or a licensed professional before acting on anything here, including this page.
Not sure what your business still has to file?
Between federal changes and state deadlines, plenty of owners genuinely don't know. Working out what's actually due is a short conversation and usually a relief.