What the New FinCEN Rule Means for Your Clients

FinCEN's August 11 final rule permanently ends BOI reporting for U.S. companies. Here's what changed and what's next.

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August 19, 2026 5:56pm EDT

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Compliance Update

BOI Reporting Is Over for U.S. Businesses. Here's What Changed.

On August 11, FinCEN issued a final rule that permanently ends beneficial ownership information (BOI) reporting for U.S. companies and U.S. persons under the Corporate Transparency Act. If you have clients who spent the last two years tracking this requirement, here's what to tell them before your next conversation.

What Changed

U.S. companies and U.S. persons no longer need to file BOI reports, and no penalties apply for not filing.

FinCEN will delete previously submitted BOI data for U.S. persons, including sensitive identifiers like passport and driver's license images.

Clients who already obtained a FinCEN ID don't need to do anything to update it.

What Hasn't Changed

•	Foreign reporting companies still must report BOI for their foreign individual owners.

•	Non-U.S. persons still have a 30-day window to update changed information.

Why it matters: this rule finalizes and makes permanent an exemption FinCEN first introduced in March 2025. It rests on Treasury's own rulemaking authority rather than a change in the underlying statute, so it's worth watching. Nothing points to a reversal right now, but a future administration could revisit it.

For most of your clients, this closes the book on BOI compliance. It's a good moment to update engagement letters, retire BOI tracking workflows, and let clients know the filing deadlines and penalties that caused so much confusion over the past two years no longer apply to them.

Do you have questions?

We're here to help. Email [email protected] or call 1-800-778-7436.