Do I still have to file a beneficial ownership (BOI) report for my LLC?
If your LLC was formed in the United States, you are currently exempt from beneficial ownership information reporting. The same goes for domestic corporations and partnerships. After a final rule from FinCEN in March 2025, only companies formed in a foreign country and registered to do business in the US must file BOI reports. Most domestic small businesses have no filing obligation.
This has been one of the more confusing compliance topics in recent years. The Corporate Transparency Act passed in 2021, and BOI reporting was supposed to start in 2024 for new businesses and by January 2025 for existing ones. Court challenges, injunctions, and shifting guidance made it nearly impossible to know what applied. If you spent time worrying about this or even started a report, you had good reason to be confused.
FinCEN’s March 2025 rule narrowed the scope to foreign reporting companies only. That means LLCs, corporations, and partnerships formed in any US state are exempt. There is no deadline hanging over domestic businesses, and no report to file for this requirement.
One thing to keep in mind. The Corporate Transparency Act is still on the books as law. Congress could amend it, or a future administration could issue new rules that bring domestic businesses back into scope. The exemption is clear today, but this is worth staying aware of over time.
Keeping track of changes like this is part of why working with a small business bookkeeping firm matters. When rules shift mid-stream and guidance keeps changing, having someone in your corner who follows these things takes that weight off your plate. At Smart Outsourced Solutions, Simona Leppala is a CPA and Enrolled Agent who stays current on compliance requirements and keeps clients informed.
If you have questions about your specific situation or want to talk through what full-service bookkeeping looks like for your business, reach out for a consultation. We work with owner-operated service businesses across New England and nationwide.
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More Questions
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