Updated October 2026. This article reflects FinCEN’s final rule of August 2026. If you read an earlier version, the filing requirements below have changed.
Short answer: No. Most small businesses in the U.S. no longer have to file a BOI report. Since August 14, 2026, a final rule from the Financial Crimes Enforcement Network (FinCEN) permanently exempts companies formed in the United States, and their owners, from BOI reporting. The only entities that still have to file are companies formed in another country that are registered to do business in a U.S. state.
What is BOI reporting?
BOI stands for Beneficial Ownership Information: the names, birth dates, addresses and ID numbers of the people who own or control a company. The Corporate Transparency Act (CTA), passed in 2021, required many corporations and LLCs to report this information to FinCEN, a bureau of the U.S. Department of the Treasury, to make it harder to hide money laundering and fraud behind shell companies.
What changed: a quick timeline
- January 1, 2024: BOI reporting started. Most corporations and LLCs operating in the U.S. had to file.
- 2024–2025: Court challenges paused enforcement several times, which created a lot of confusion for business owners.
- March 2025: FinCEN issued an interim final rule that exempted U.S. companies and U.S. persons from reporting.
- August 11, 2026: FinCEN issued the final rule, which took effect on August 14, 2026. It makes the exemption for U.S. companies permanent.
Who no longer has to file a BOI report?
Any corporation, LLC or similar entity created by filing with a secretary of state in the U.S. is now exempt. That includes:
- Small businesses and single-member LLCs.
- Companies formed in Florida or any other state.
- U.S. companies owned by people who are not U.S. citizens or who live outside the country. What matters is where the company was formed, not where the owner lives.
U.S. persons also no longer need to provide their information to any company as beneficial owners or company applicants.
Who still has to file?
Only
foreign reporting companies: entities formed under the laws of another country that have registered to do business in a U.S. state or tribal jurisdiction. Even for them, the obligation is narrower than before. They report information about their beneficial owners and company applicants who are
not U.S. persons.
If your company was formed abroad and is registered in Florida or another state, check the current filing deadlines on
FinCEN’s BOI page or
contact us and we will help you confirm what applies to you.
What happens to the BOI report you already filed?
FinCEN has said it will delete the information it holds on U.S. persons and U.S. companies. You don’t need to take any action. If you obtained a FinCEN ID, you no longer have to update or correct the information you submitted.
Can I still be fined for not filing?
FinCEN did not assess penalties while court orders and the interim rule suspended enforcement, and U.S. companies are not expected to face retroactive penalties under the final rule. If you received a notice from FinCEN, talk to a professional before responding.
Check your state’s rules
The federal exemption does not replace state laws. New York, for example, has its own LLC Transparency Act, effective January 1, 2026, which asks some LLCs registered there to disclose their owners. If your business operates in more than one state, confirm the requirements in each one.
What still matters for your Florida LLC
BOI may be off your list, but other filings are not. A Florida LLC still needs to:
- File its annual report with Sunbiz between January 1 and May 1 every year. Late filings carry a fee.
- Keep its local business tax receipt current with the city or county.
- Keep its books in order so that tax season doesn’t turn into a rush.
- File its federal and state tax returns on time.
Our
Florida LLC formation and compliance services cover annual reports, corporate filings and local business tax. We also handle
monthly bookkeeping and
tax preparation, so your filings and your numbers stay in one place.
Frequently asked questions
Do I need to file a BOI report for my new LLC in 2026?
No. If you formed your LLC in a U.S. state, it is exempt from BOI reporting under FinCEN’s final rule of August 2026.
I’m not a U.S. citizen and I own a Florida LLC. Do I have to file?
No. The exemption depends on where the company was formed. An LLC formed in Florida is a U.S. company, even if its owner lives abroad.
Could BOI reporting come back?
It’s possible. A future rule change could bring back reporting for U.S. companies. We follow these updates and will let our clients know if anything changes.
Need help keeping your business compliant?
Brief Financial helps small businesses in Miami and across the U.S. stay on top of filings, bookkeeping and taxes. Call or text us at
+1 (786) 204-2408 or
send us a message. Your first consultation is free.
This article is for general information only and is not legal advice. Rules can change; check FinCEN’s website or consult a professional about your specific situation.
