Beneficial Ownership Information (BOI) Reporting: Current Status in 2026
The Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA) went through one of the most turbulent regulatory journeys in recent memory — multiple court orders, enforcement suspensions, and rule changes within a matter of months. Here’s the accurate current picture.
What the CTA Originally Required
The Corporate Transparency Act, enacted in 2021 and effective January 1, 2024, required most US businesses (LLCs, corporations, and similar entities) to file a Beneficial Ownership Information report with FinCEN (Financial Crimes Enforcement Network). The report would disclose:
- The company’s legal name, address, jurisdiction, and EIN
- Each “beneficial owner” — any individual who owns 25%+ or exercises substantial control
- Beneficial owner details: name, date of birth, address, and a government ID (passport or driver’s license image)
The intent was to combat money laundering and shell company abuse by creating a federal database of actual business owners. This information was to be held by FinCEN — not made public — but accessible to law enforcement.
What Happened: The Court Challenges
Shortly after the CTA took effect, businesses and advocacy groups challenged its constitutionality in federal court.
December 2024: A federal district court in Texas issued a nationwide preliminary injunction, blocking enforcement of the CTA’s BOI reporting requirement. FinCEN suspended enforcement.
Early 2025: Courts issued multiple conflicting orders — some reinstating enforcement, some maintaining the injunction — creating significant confusion.
March 2025: FinCEN issued an interim final rule stating that it would not enforce BOI reporting requirements against US domestic reporting companies or their beneficial owners. The department indicated it would limit any enforcement to foreign reporting companies registered to do business in the US.
2025–2026: FinCEN finalized its position and issued regulatory guidance making clear that US domestic companies — LLCs, US corporations, and other entities formed under US state law — are not required to file BOI reports under the current regulatory framework. The BOI requirement remains technically on the books but is functionally not being enforced for domestic entities.
Current Status (April 2026)
For most US businesses: You are not required to file a BOI report under current FinCEN guidance. The enforcement suspension for domestic companies has held through the first quarter of 2026.
Foreign companies (entities formed under foreign law that are registered to do business in a US state) may still have BOI filing obligations — check with your attorney or accountant if this applies to your business.
Legislative status: Congress has considered bills to either repeal the CTA entirely or reform it to address constitutional concerns. No definitive legislative action has been completed as of early 2026. This remains a fluid situation.
Should You File Anyway?
Some businesses filed BOI reports voluntarily during the periods of enforcement — either before the injunctions or during brief windows when enforcement was reinstated. If you filed, your information is in FinCEN’s database.
If you haven’t filed, under current FinCEN guidance for domestic companies, you are not required to do so and there are no penalties for non-filing during the suspension period.
Our recommendation: Monitor this for updates. Given the legislative and judicial uncertainty, it’s possible that:
- The CTA is repealed or significantly reformed (eliminating any requirement)
- A new rule is enacted that reestablishes a BOI requirement with modifications
- The current suspension continues indefinitely
We will update this article as the situation evolves. If you have questions about your specific situation — particularly if you have foreign ownership, foreign registration, or other complexity — consult your attorney.
What's Still Required for Business Transparency
Regardless of the BOI requirement status, businesses are still required to:
- File accurate information with their state of formation (registered agent, annual reports)
- Disclose beneficial ownership information in connection with banking relationships (Know Your Customer requirements — banks still ask this independently of FinCEN’s BOI registry)
- Provide ownership information in connection with SBA loans, certain federal contracts, and other government-related transactions
The BOI suspension reduces federal filing burden, but it doesn’t eliminate the various state and banking requirements that have always existed.
Frequently Asked Questions
Our company filed a BOI report in early 2024. Do we need to do anything now?
If you filed voluntarily and your beneficial ownership information hasn’t changed significantly, there’s no action required under current FinCEN guidance for domestic companies — the enforcement suspension means there are no current penalties for non-compliance and no requirement to update previously filed reports for domestic entities under the suspended rule. Keep a record of what you filed and when. If your company has significant ownership changes (a buyout, new major investors, change in controlling persons), it’s worth noting in case BOI reporting requirements are reinstated with update obligations. Going forward, monitor for any legislative or regulatory changes that could reinstate reporting requirements with new deadlines.
We're a foreign-owned LLC. Are we still required to file a BOI report?
Potentially yes — FinCEN’s position as of early 2026 is that its non-enforcement posture applies primarily to domestic reporting companies (entities formed under US state law). Foreign companies registered to do business in the US may still have BOI filing obligations under FinCEN’s modified rule. If your LLC was formed under US state law but has foreign beneficial owners, you are a domestic reporting company and are currently exempt from enforcement. If your entity was formed under foreign law and registered in a US state, you may be a foreign reporting company with ongoing obligations. This distinction requires careful analysis — consult your attorney if you have any doubt about your entity’s formation jurisdiction or beneficial ownership structure.
What were the penalties for not filing a BOI report when it was enforced?
Under the original Corporate Transparency Act enforcement regime (briefly in effect in 2024), civil penalties were $500 per day for willful violations, up to $10,000. Criminal penalties of up to 2 years imprisonment were also available for willful failures. These penalties are not currently being imposed on domestic companies due to the enforcement suspension. If enforcement resumes through new legislation or regulatory action, new deadlines and penalties would be announced — it’s unlikely that the government would apply retroactive penalties for violations during the suspension period, though there are no guarantees. The practical advice: if and when enforcement resumes, act promptly under whatever deadline is established.
My bank is asking for beneficial ownership information. Is that the same as the BOI report?
No — these are separate requirements. Banks have their own Customer Due Diligence (CDD) requirements under the Bank Secrecy Act and FinCEN regulations, requiring them to collect beneficial ownership information from their business customers. This is a banking compliance requirement that has always existed independently of the CTA’s BOI reporting requirement. The BOI report went to FinCEN’s database. The information you provide to your bank goes into the bank’s own KYC (Know Your Customer) records. The suspension of the CTA’s BOI reporting requirement does not affect your bank’s requirement to collect ownership information from you. If your bank asks for beneficial ownership information, this is a banking relationship requirement — provide it.
If the BOI requirement eventually comes back, what will we need to file?
If and when a revised BOI requirement is enacted or reinstated, you would need to report: the company’s legal name, address, jurisdiction of formation, and EIN; and for each beneficial owner (anyone who owns 25%+ or exercises substantial control), their full legal name, date of birth, residential address, and an identifying document (passport or driver’s license image and number). Collecting and organizing this information in advance is simple preparation — keep a list of all individuals who own 25%+ of your company or who exercise substantial control (decision-making authority), along with their current addresses and ID information. If a new requirement comes with a short filing window (the original CTA gave most companies one year), being pre-organized allows you to file immediately rather than scrambling to gather information.