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Applies to: Finaloop Accounting
Companies formed in the US no longer need to file beneficial ownership information (BOI) reports with FinCEN, the US Treasury's Financial Crimes Enforcement Network. FinCEN's final rule, effective August 14, 2026, made this exemption permanent, so most Finaloop customers have nothing to file.
A BOI report lists the people who own or control a company. The Corporate Transparency Act (CTA), an anti-money laundering law, introduced this reporting starting in 2024. FinCEN paused it for US companies in March 2025 and ended it for them in August 2026.
1. Who still needs to report
According to FinCEN's BOI page, only companies formed under the law of a foreign country that have registered to do business in a US state or tribal jurisdiction still report BOI, unless they qualify for an exemption.
You don't need to file if:
Your company is a C corporation, S corporation, LLC or similar entity formed in the US. This includes a US LLC owned by a foreign person.
You're a sole proprietorship or general partnership that didn't file formation documents with a state.
Even a foreign company that reports doesn't need to include its beneficial owners who are US persons, and US persons don't need to give their BOI to a reporting company.
Note: If you already filed a BOI report as a US company, you don't need to update or correct it. FinCEN says it won't enforce BOI penalties or fines against US companies or their owners.
2. Deadlines for foreign companies
FinCEN's BOI page gives these deadlines for foreign companies that must report:
Registered to do business in the US before March 26, 2025: the report was due by April 25, 2025.
Registered on or after March 26, 2025: file within 30 calendar days after you receive notice that your registration is effective.
3. How to file a BOI report
Foreign companies that must report file electronically through FinCEN's BOI E-Filing System. There's no fee to file directly with FinCEN.
Important: FinCEN doesn't send letters, emails or calls asking for payment to file BOI. If you get one, it's a scam: don't pay it.
4. Who's responsible for BOI filings
You may choose to complete the forms yourself or consult a legal or tax advisor about your specific situation. Either way, compliance with the CTA and related filings, including gathering and reporting BOI, isn't part of Finaloop's scope of service, so it's your responsibility to complete if your company must report.
For the current rules and answers to common questions, see FinCEN's BOI page and FinCEN's BOI FAQs.
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