If you own an LLC, corporation, or other small business entity, here’s some good news. The Treasury Department just made a rule permanent that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN.
This started as a temporary exemption back in March 2025. As of this month, it’s locked in.
What This Means for You
If you’ve formed an LLC to hold rental property, run a small business, or manage family assets, you no longer need to file or update BOI reports with FinCEN. If you already obtained a FinCEN ID, you also won’t need to correct or update that information going forward.
FinCEN also announced it will delete beneficial ownership information it previously collected from U.S. persons, since that data is no longer required.
A few other changes worth knowing:
- Foreign companies no longer have to report the U.S. person who helped them register to do business here.
- Foreign investment funds registered in the U.S. no longer have to report the U.S. person who controls them.
- Foreign companies that are still considered “reporting companies” will still need to report beneficial ownership information for their foreign individuals. That part hasn’t changed.
Why This Matters
The original BOI reporting rule under the Corporate Transparency Act created a lot of confusion and extra paperwork for small business owners, many of whom aren’t sure whether they even qualify or how to file correctly. This rollback removes that burden for U.S. companies and individuals.
If you have questions about how this affects your business, LLC, or estate plan, we’re happy to help you sort through it.