FinCEN is Permanently Removing BOI Reporting Requirement for U.S. Companies and U.S. Persons
Yesterday, August 11, 2026, the Financial Crimes Enforcement Network (“FinCEN”) announced a final rule HERE that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (“BOI”) to FinCEN under the Corporate Transparency Act (“CTA”). You can find FinCEN’s announcement HERE.
WHAT DOES THIS MEAN FOR YOU?
THE FINAL RULE ADOPTS THE EXEMPTIONS SET OUT IN THE INTERIM FINAL RULE ISSUED IN MARCH 2025, MAKING THE ROLLBACK OF BENEFICIAL OWNERSHIP REPORTING BY U.S. COMPANIES AND U.S. PERSONS PERMANENT.
EXEMPTS FOREIGN COMPANIES FROM THE REQUIREMENT TO REPORT U.S. PERSONS “COMPANY APPLICANTS”
U.S. PERSONS WHO HAVE OBTAINED FINCEN IDS ARE EXEMPT FROM ANY OBLIGATION TO UPDATE OR CORRECT THE INFORMATION THEY ORIGINALLY PROVIDED TO FINCEN TO OBTAIN THEIR FINCEN IDS.
FOREIGN ENTITIES THAT FALL UNDER THE DEFINITION OF REPORTING COMPANIES WILL STILL BE REQUIRED TO REPORT BOI.
THE FINAL RULE BECOMES EFFECTIVE UPON PUBLICATION IN THE FEDERAL REGISTER.
WHERE CAN YOU FIND MORE INFORMATION?
FinCEN created FAQ’s, you can find them HERE.
Remember to always contact your own legal counsel if you have any questions as to whether you are one of the remaining individuals or entities that still have reporting requirements. As always, feel free to reach out to legal@miamire.com if you have any questions!
This information is provided for educational purposes only and should not be construed as legal advice or representation and should not be relied upon as such. MIAMI REALTORS and RWorld® and its affiliated companies cannot provide legal advice or opine about the specifics of your situation.