Do You Still Need to
File a BOI Report
in 2026?
Last Updated:
FinCEN's March 26, 2025 interim final rule exempted ALL US-formed entities from BOI reporting. Only foreign-formed companies registered in the US may still need to file. Answer 3 questions to know exactly where you stand.
3-Question BOI Compliance Checker — Updated for 2026
The law changed in March 2025. Answer 3 questions to find out if your entity still needs to file a BOI report with FinCEN.
How to Use the BOI Compliance Checker
Answer the entity formation question
Indicate whether your business was formed in the US (by filing with a US state) or is a foreign entity registered to do business in a US state. Since March 2025, all US-formed entities are fully exempt.
Check the exemption categories
If you are a foreign-formed entity, work through the 23 exemption categories. Large operating companies (20+ employees, $5M+ revenue, physical US presence), SEC registrants, banks, and 20 others are exempt.
Identify your beneficial owners
A beneficial owner is any individual who owns 25%+ of equity OR exercises substantial control. There is no minimum number — most small foreign-registered entities have 1–4 beneficial owners to report.
Confirm your filing window
Foreign reporting companies must file within 30 days of first registration in the US. Updates to any reported information must be filed within 30 days of the change. Filing is free at fincen.gov.
LLC vs S-Corp vs C-Corp — BOI Obligations (2026)
Every entity type has different BOI obligations. This table shows exactly what applies — including the key exemption thresholds for each structure.
| Entity Type | BOI Required? | Large Company Exemption | Key Threshold | Beneficial Owner Definition | 2026 Notes |
|---|---|---|---|---|---|
| Single-Member LLC | Exempt | N/A — US-formed entities are fully exempt | N/A | N/A | Exempt since March 26, 2025 interim final rule. No BOI filing required. |
| Multi-Member LLC | Exempt | N/A — US-formed entities are fully exempt | N/A | N/A | Exempt since March 26, 2025. All US-formed LLCs regardless of member count. |
| S-Corporation | Exempt | N/A — US-formed entities are fully exempt | N/A | N/A | Exempt since March 26, 2025. S-Corp election status has no effect on exemption. |
| C-Corporation | Exempt | N/A — US-formed entities are fully exempt | N/A | N/A | Exempt since March 26, 2025. Both private and public C-Corps formed in the US are exempt. |
| General Partnership (US) | Exempt | N/A — US-formed entities are fully exempt | N/A | N/A | Exempt. Registered LLPs formed in a US state are also exempt under the March 2025 rule. |
| Non-Profit (501c3) | Exempt | N/A — exempt as US-formed entity and as 501(c) organization | N/A | N/A | Doubly exempt: US-formed entities are exempt AND 501(c) orgs are separately exempt. |
| Sole Proprietorship | Exempt | Not a separate legal entity | N/A | N/A | Never required to file — sole proprietorships are not "reporting companies" under the CTA. |
| Foreign Company (US-registered) | May Be Required | Large company (20+ FT employees + $5M+ revenue + US office), publicly traded, or regulated entity | Foreign companies registered in any US state after March 26, 2025 have 30 days to file | Each beneficial owner with 25%+ ownership or substantial control | Only foreign-formed companies registered with a US secretary of state may still need to file. Use the checker above. |
FinCEN BOI Reporting 2026 — Complete Guide
Everything business owners need to know about Corporate Transparency Act compliance — who files, what to report, deadlines, and penalties.
What Is the Corporate Transparency Act?
The Corporate Transparency Act (CTA), enacted January 1, 2021 and effective January 1, 2024, was designed to require most US businesses to report Beneficial Ownership Information (BOI) to FinCEN. However, FinCEN's March 26, 2025 interim final rule removed all US-formed entities from the requirement. As of 2026, only companies formed under the law of a foreign country and registered to do business in a US state remain in scope.
This is one of the most significant changes to US business regulation in decades — before FinCEN's March 2025 interim final rule exempted all US-formed entities. Only foreign-formed companies registered in the US now remain in scope.
Who Is a "Beneficial Owner"?
This section applies to foreign reporting companies — US-formed entities are fully exempt from BOI reporting.
A beneficial owner is any individual who, directly or indirectly:
- Owns or controls 25% or more of the ownership interests of a reporting company, OR
- Exercises substantial control over the reporting company
Who Has "Substantial Control"?
FinCEN defines substantial control broadly — senior officers (CEO, CFO, COO, General Counsel, President) automatically qualify. Any individual who can appoint or remove senior officers, direct or determine important decisions about the company's finances, business, structure, or has any other form of substantial control must be reported.
What Information Must Be Filed?
For each beneficial owner, you must report:
- Full legal name
- Date of birth
- Residential address (not business address)
- Unique identifying number from a US passport, state driver's license, or foreign passport (for non-US persons)
- Image of the identifying document
For foreign companies that register in the US on or after March 26, 2025, the same information must also be reported for each company applicant (the individual who filed the US registration documents).
FinCEN Identifier — Simplify Repeat Filings
Individuals can apply for a FinCEN Identifier — a unique number that can be used in place of full personal details. This is especially useful for beneficial owners with interests in multiple companies, allowing them to update their information once rather than in each company's filing.
How Is the BOI Report Filed?
BOI reports are filed electronically and for free at boiefiling.fincen.gov. There is no fee charged by FinCEN. Third-party service providers may charge fees for assistance — typically $50–$300 for small businesses.
The report can be filed directly by the business owner or authorized representative. No attorney or CPA is required, though consulting one is advisable for complex ownership structures.
BOI Reporting Deadlines Timeline
January 1, 2024 — CTA Takes Effect
The rule became effective. All US-formed and foreign-formed entities registered in the US were originally in scope.
March 26, 2025 — US Entities Exempted
FinCEN issued its interim final rule exempting all US-formed entities from BOI reporting. Only foreign-formed companies registered in the US remain in scope. Existing foreign reporting companies had until April 25, 2025 to file.
2025–2026 — Ongoing Litigation & Enforcement Updates
Multiple federal court rulings have issued and vacated injunctions. FinCEN has periodically updated compliance deadlines. Stay current at fincen.gov/boi.
New Foreign Entities (Post March 26, 2025) — 30-Day Window
Any company formed or registered in a US state on or after January 1, 2025 must file within 30 calendar days of formation. The clock starts when the state approves the filing.
US State Privacy Law Matrix — 2026
BOI operates at the federal level, but businesses must also navigate a patchwork of state privacy laws. Here's the 2026 status across major states.
BOI Filing Help & Compliance Tools
While FinCEN filing is free, these professional services can assist with complex ownership structures, registered agent services, and ongoing compliance.
Sources & Methodology
This checker is based on the most current publicly available guidance from authoritative government sources:
BOI Reporting — Frequently Asked Questions
The most common questions about FinCEN BOI reporting, exemptions, and the Corporate Transparency Act.