BOI Reporting Update: What U.S. Small Business Owners Need to Know

U.S. companies no longer need to file Beneficial Ownership Information (BOI) reports. FinCEN made that exemption permanent in a final rule issued August 11, 2026. Only certain foreign companies registered to do business in the U.S. still have to report.

By Richard James, Enrolled Agent | James Family Tax

IMPORTANT UPDATE: Major Changes to BOI Reporting Requirements

As of March 21, 2025, FinCEN has significantly modified BOI reporting requirements. U.S. companies created or registered in the United States are NO LONGER required to file BOI reports under the Corporate Transparency Act. However, foreign companies registered to do business in the U.S. may still have reporting obligations.

At JFT, we’re here for you!

At James Family Tax, we know that managing a small business means juggling countless responsibilities, and staying on top of new reporting requirements is no small task. That’s why we’re here to support and resource small businesses every step of the way. Whether it’s understanding the latest tax regulations, meeting compliance deadlines, or keeping your finances in order, our team is committed to providing clear guidance and personalized support. We take pride in helping small business owners navigate these challenges with confidence so you can focus on what you do best—growing your business and serving your community.

Current Status: Who Still Needs to File?

U.S. companies: Companies created or registered in the United States are permanently exempt. FinCEN’s interim rule of March 2025 was finalized on August 11, 2026.
Foreign companies: Companies formed outside the U.S. that register to do business in a U.S. state must still report, generally within 30 calendar days after their registration takes effect. They generally don’t have to report U.S. persons as beneficial owners.

What Should You Do Now?

If you own a U.S. LLC or corporation: no BOI report is needed, and you don’t need to update or withdraw one you already filed.
If your company was formed abroad: confirm your filing deadline with a professional.
Watch for scams: letters or emails demanding a BOI filing fee or penalty for a U.S. company are likely fraudulent.

Source: BDO: FinCEN final rule permanently relieves U.S. companies.

Why These Changes Matter

The significant reduction in BOI reporting requirements represents a major shift in federal compliance obligations for small businesses. This change eliminates a substantial administrative burden for most U.S. companies while maintaining oversight where it’s most needed for anti-money laundering efforts.

Updated FAQ About Beneficial Ownership Information

What is FinCEN?

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury that combats financial crimes like money laundering, fraud, and terrorism financing.

Do I still need to file a BOI report?

Most U.S. companies no longer need to file BOI reports as of March 21, 2025. Only certain foreign companies registered to do business in the U.S. may still have obligations.

What if I already filed a BOI report?

No action is required if you previously filed. The information remains on file, but you’re not required to update or maintain it under current rules.Where can I get current information?

Visit FinCEN.gov for the most up-to-date guidance and requirements.

What are the penalties for non-compliance?

For companies that still have filing obligations, penalties can include fines of up to $500 per day for late filing, with more severe penalties for willful non-compliance.

Moving Forward

While BOI reporting requirements have been significantly reduced, staying informed about regulatory changes remains important for business compliance. The landscape of business reporting requirements continues to evolve, and professional guidance can help ensure you meet all applicable obligations.

At James Family Tax, we’re dedicated to helping small businesses thrive by making compliance and taxes easier to manage. We stay current with all regulatory changes to provide you with accurate, timely guidance.

Our San Antonio tax service provides local support, clear guidance, and dependable expertise for families and small business owners. As your trusted local tax preparers, we understand the unique challenges you face, and we’re here to help you navigate everything from tax filing to business compliance and beyond.

Contact James Family Tax Today

Business compliance can be complicated, but with the right professional guidance, you can focus on running your business while ensuring you meet all necessary requirements.

At James Family Tax, we pride ourselves on treating our clients like family. We work hard to understand your business circumstances and provide personalized guidance accordingly. Whether you’re dealing with tax planning, business formation, or compliance questions, we’re here to help you understand how changes in regulations impact your business.

Want to learn more?

Contact James Family Tax at 210-864-1788 or visit www.jamesfamilytax.com to make an appointment and learn how we can help make business compliance easier for you.

Location: 404 East Ramsey Rd Ste 114, San Antonio TX, 78216

Location: 1996 Schertz Parkway Ste 204, Schertz TX, 78154

Hours: By appointment, 9:00 AM – 6:00 PM

How James Family Tax Can Help

Ready to start or restructure your business? We handle LLC formation and help keep your entity active and in good standing.

Book an appointment at our San Antonio or Schertz office, or call (210) 864-1788.