U.S. companies no longer file beneficial ownership reports
FinCEN has made permanent its 2025 decision exempting U.S.-formed companies from Corporate Transparency Act reporting. Only foreign companies registered here must still file.
Reviewed by Laurence S. Bezinover · Published
What changed
In March 2025, FinCEN issued an interim rule removing companies formed in the United States from beneficial ownership information (BOI) reporting under the Corporate Transparency Act. Its final rule, effective August 14, 2026, makes that permanent. Only companies formed under foreign law and registered to do business in a U.S. state must report, and they do not report U.S. persons as owners. FinCEN has also said it will delete beneficial ownership information previously reported about U.S. persons.
Who it affects
Every LLC and corporation formed in California or another state, which no longer has a federal BOI filing, and foreign companies registering to do business here, which still do.
Questions to raise with counsel
- Was our company formed in the United States, so that no federal BOI report is required?
- If we are a foreign company registering to do business in California, is our report due within 30 days of registration?
- Are our ownership records current for the beneficial-owner information banks still collect when we open accounts?
Sources
This briefing is general information about California law, not legal advice for your situation. Reading it does not create an attorney-client relationship.