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BOI reporting after the August 2026 final rule: what still applies to your clients
FinCEN has permanently exempted US companies from beneficial ownership reporting. Here's who still files, what New York requires by December 31, and why banks will keep asking for owner information.
For most accounting firms, the Corporate Transparency Act went from the biggest compliance project of 2024 to a non-event in about fifteen months. With FinCEN's final rule in August 2026, the question is settled for US companies. A few clients still have filings to make, though, and the owner information you collected hasn't stopped being useful.
What FinCEN decided
FinCEN announced the final rule on August 11, 2026, effective August 14, 2026. It makes permanent, with limited changes, the interim rule from March 2025:
- Companies formed in the United States are exempt from beneficial ownership information (BOI) reporting. That covers domestic LLCs, corporations, limited partnerships and other entities created by a filing with a state.
- US persons don't have to be reported by anyone, and they no longer need to update information they gave FinCEN earlier, including for a FinCEN identifier.
Who still files with FinCEN
Only a foreign company — formed under the law of another country — that has registered to do business in a US state (or tribal jurisdiction) and doesn't qualify for another exemption. It reports itself, a US address, and its non-US beneficial owners. If all of its owners are US persons, it still files, but without owner information.
For a typical US firm, that's the occasional client with a Canadian or UK company registered in their state, or a foreign parent that registered locally to hold real estate.
New York: one deadline that's still live
New York's LLC Transparency Act took effect January 1, 2026, but with a narrow scope. After the governor vetoed a bill to broaden it in December 2025, the New York Department of State confirmed that:
- New York LLCs and LLCs formed in other US states don't file anything — no disclosure and no exemption attestation.
- LLCs formed outside the US and authorized to do business in New York do file, reporting their non-US beneficial owners or an attestation of exemption.
- Those authorized before January 1, 2026 must file by December 31, 2026. Those authorized later have 30 days from applying for authority. Annual filings follow.
If you have a client with a foreign LLC registered in New York, it's worth a look before year end.
Why owner information still matters
The federal BOI report is gone for US companies, but the underlying question isn't:
- Banks. FinCEN's customer due diligence rule still requires banks to identify every individual owning 25% or more of a business customer, plus one person with significant control. A February 2026 FinCEN order limited when banks must collect it — mainly at account opening and when something changes — but not whether. Clients opening accounts or refinancing will still be asked.
- Lenders and buyers ask for indirect ownership in diligence.
- State laws can change. New York's act was once written to cover US-formed LLCs too.
- Future rulemaking. A final rule can be revisited by a later administration through new rulemaking.
A current ownership record with look-through percentages answers all of these quickly. It's also the information you need for S corporation eligibility, related-party questions and estate planning anyway.
What we'd tell clients now
- US-formed companies have nothing to file with FinCEN. If a client paid for an annual "BOI compliance" service, it's likely no longer needed.
- Watch for scam notices. Letters demanding a BOI filing fee were common in 2024 and 2025; FinCEN doesn't charge to file.
- Flag any foreign entity registered in a US state, especially in New York, and confirm whether it has filed.
- Keep the ownership records anyway. The next bank, lender or buyer will ask.
In EntityMap, the beneficial-owner report lists every person above the threshold you choose through every layer of ownership, ready to hand to a bank. It's a planning and diligence report, not a FinCEN filing — which, for US companies, is now the point.
Sources: FinCEN beneficial ownership information; Morrison Foerster, "FinCEN Ends Beneficial Ownership Reporting Requirements for U.S. Companies"; Seward & Kissel, "Domestic LLCs Escape New York's Transparency Act".
This article is general information, current as of its date. It isn't legal or tax advice for any particular situation; check the rules that apply to your client before acting on it.