FinCEN Ends Beneficial Ownership Reporting for U.S. Persons

FinCEN permanently eliminated the requirement for U.S. companies and U.S. persons to report beneficial ownership information ("BOI") under the Corporate Transparency Act.

In the final rule, FinCEN adopted the exemptions set out in its March 2025 interim final rule (see prior coverage), relieving domestic entities of the reporting burden. FinCEN said it anticipates working with the National Archives and Records Administration to implement a process to delete BOI of U.S. companies and U.S. persons now exempt from reporting. U.S. companies and individuals do not need to take any action to have their information removed. FinCEN added that it intends to complete the deletion in a single sweep, but that if U.S. company or U.S. person information appears in a filing made after February 10, 2027, the agency does not anticipate deleting it. The agency also does not intend to provide any acknowledgement or confirmation of deletion to individual filers; it will post notice on its website when the process is done.

The rule expands on the interim relief by exempting foreign companies from the requirement to report U.S. person company applicants. It also exempts U.S. persons who have applied for FinCEN identifiers from having to update or correct the information they provided when they applied. Foreign entities that qualify as reporting companies must continue to report BOI for foreign individuals.

The final rule took effect immediately upon publication in the Federal Register on August 14, 2026.