BOI reporting in 2026: do US small businesses still have to file?
Edited by Moe Ameen · Published
Most US small businesses no longer file a BOI report. FinCEN's final rule, effective August 14, 2026, exempts every company created in the United States, and FinCEN says it will delete BOI that US persons already reported. Only certain foreign companies registered to do business in the US still file with FinCEN. New York separately requires a filing from LLCs formed in another country that are authorized there.
Key takeaways
- Companies created in the US don't file BOI reports with FinCEN.
- FinCEN says it will delete BOI that US persons reported before.
- Foreign companies registered to do business in the US still file, within 30 days of registering.
- Filing with FinCEN is free; letters asking for payment or citing a "Form 4022" are scams.
Do I need to file a BOI report in 2026?
Not if your company was created in the United States. FinCEN's final rule made that exemption permanent on August 14, 2026.
FinCEN says US companies are exempt from BOI reporting and no longer have to file [1]. The rule was published in the Federal Register on August 14, 2026 and took effect that day [3]. It finalizes the interim rule FinCEN issued in March 2025, so an LLC or corporation formed in any US state is covered.
Who still has to file a BOI report?
Certain foreign companies registered to do business in the US. They leave out any US person beneficial owners from the report.
A foreign company that registered in the US on or after March 26, 2025 has 30 calendar days from notice that its registration is effective. Those registered before that date had until April 25, 2025 [1].
Willful violations can bring civil penalties, which the statute sets at $500 a day before inflation adjustments; the current federal table lists $606 [5]. FinCEN also lists criminal penalties of up to two years in prison and a $10,000 fine [4].
What happens to a BOI report I already filed?
FinCEN says it will delete information that US persons reported before the exemption. You don't need to do anything.
In its August 11, 2026 announcement, FinCEN said it will delete previously reported information by US persons, who are now exempt, from its beneficial ownership database [2].
Does New York have its own BOI rule?
Yes, but it only reaches LLCs formed in another country and authorized in New York. New York LLCs and LLCs from other US states are exempt.
New York's LLC Transparency Act took effect January 1, 2026. The Department of State says LLCs formed in a foreign country and authorized in New York must file a disclosure or an exemption attestation within 30 days of applying for authority, or by December 31, 2026 if they were authorized before 2026 [6]. Each filing costs $25 [6].
Late filers can be marked past due, and the Attorney General can fine up to $500 a day and seek dissolution [6]. The Department's FAQ says it reflects the law as of December 23, 2025 and should be checked against current federal and state rules [6].
How do I spot a BOI scam?
FinCEN charges nothing to file and doesn't send payment requests. Letters citing a "Form 4022" or "Form 5102" are fraudulent.
- Any mention of "Form 4022" or "Form 5102". FinCEN has no such forms [1].
- Anything from a "US Business Regulations Dept." FinCEN says no government office by that name exists [1].
- A request for payment. There's no fee to file BOI directly with FinCEN [1].
- A link or QR code you're asked to scan to file [1].
Glisten check
Who files a BOI report now, and where FinCEN's own pages are out of date
| Company | Federal BOI report | New York filing |
|---|---|---|
| LLC or corporation formed in any US state | No [1] | No [6] |
| Company formed abroad, registered to do business in the US | Yes, within 30 days of registering [1] | Only if it's an LLC authorized in New York [6] |
| LLC formed abroad, authorized in New York | Yes, as a foreign reporting company [1] | Yes: $25, within 30 days, or by Dec. 31, 2026 if authorized before 2026 [6] |
Two things we noticed. FinCEN's BOI page still carries a March 2025 sentence about not enforcing penalties against domestic companies, which the final rule has replaced. And FinCEN's FAQ still lists the daily civil penalty as $591, while the current inflation table in federal regulations says $606 [4][5].
Is this right for you?
Best for
- US owners who got a BOI letter or reminder and want to know if they need to act.
- Foreign companies registering to do business in the US or in New York.
Not ideal for
- Legal advice on a specific ownership structure. A lawyer can confirm how the rules apply to you.
Frequently asked questions
Do LLCs have to file BOI in 2026?
Not if the LLC was formed in the United States. FinCEN's final rule exempts all US-created companies [1][3].
Is BOI reporting dead?
For US companies, yes. Certain foreign companies registered to do business in the US still file [1].
Does it cost money to file a BOI report?
No. FinCEN says there's no fee to file directly with it [1]. New York's separate filing costs $25 [6].
I got a letter about "Form 4022." Is it real?
No. FinCEN says correspondence referencing a Form 4022 or Form 5102 is fraudulent, and it has no such forms [1].
Will FinCEN keep the BOI report I already filed?
FinCEN says it will delete information previously reported by US persons [2].
How we know this
On October 28, 2026 we read FinCEN's BOI page, FAQ and August 11, 2026 announcement, the final rule in the Federal Register, the civil penalty inflation table in the eCFR, and the New York Department of State's beneficial ownership FAQ.
- Beneficial ownership information reporting, FinCEN. Checked October 28, 2026.
- FinCEN permanently ends beneficial ownership reporting requirements for millions, FinCEN. Checked October 28, 2026.
- Beneficial ownership information reporting requirement revision, Federal Register. Checked October 28, 2026.
- BOI frequently asked questions, FinCEN. Checked October 28, 2026.
- 31 CFR 1010.821: Penalty adjustment and table, eCFR. Checked October 28, 2026.
- Beneficial ownership disclosure FAQs, New York Department of State. Checked October 28, 2026.