On Tuesday, August 11, 2026, the Financial Crimes Enforcement Network (FinCEN) issued a final rule confirming that U.S. companies and U.S. persons no longer must report beneficial ownership information (BOI) to FinCEN. This makes the exemption permanent.

Please note: This exemption applies to U.S. companies and U.S. persons. Foreign entities registered to do business in the U.S. must still report BOI for their non-U.S. owners.

What This Means

If you own or operate a U.S.-based company: You do not need to file a BOI report, and you do not need to update or correct any information tied to a FinCEN identifier (FinCEN ID) you may have obtained previously.
If you are a U.S. person involved with a foreign company registered to do business in the U.S.: Previously, U.S. citizens who were beneficial owners of foreign reporting companies still had some reporting obligations, and until this latest announcement, that also included company applicants. You no longer need to file.

If your company is a foreign entity registered to do business in the U.S.: The reporting requirement still applies to you, but only for non-U.S. individuals. You will not need to report information about any U.S. person beneficial owners or company applicants.

What Happens to Information Already on File

For those who filed BOI reports before these exemptions took effect, FinCEN announced it will delete previously submitted information belonging to U.S. persons and domestic companies from its database, as it is no longer required to be reported. You do not need to take any action. FinCEN will handle the deletion process on its own and will post a notice on its website once it is complete.

Effective Date

This rule takes effect immediately upon publication in the Federal Register, which is scheduled for Friday, August 14, so there is no waiting period or transition window.

We’re Here to Help

Please see the Q&As prepared by FinCEN or reach out to your team at Hantzmon Wiebel if you still have questions regarding this update and how it affects your specific situation.

Disclaimer of Liability
Our firm provides the information in this article for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this blog are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.