FinCEN Ends Beneficial Ownership Reporting Under Corporate Transparency Act

By Claire Brown, Karen Hobson, Jessica Morgan, and Tillie Hasson

On August 11, 2026, FinCEN announced its final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act (CTA). They also announced they will delete any previously reported information by U.S. persons now exempt from the reporting requirements from the beneficial ownership information database. The final rule is effective immediately upon its publication in the Federal Register. Companies and individuals who previously filed BOI reports do not need to take any action to have their information removed—FinCEN has stated that it will delete the covered information from its database on its own.

The final rule does not change reporting requirements for foreign entities that are reporting companies who continue to report beneficial ownership information for foreign individuals in certain circumstances.

Although the final rule ends BOI reporting for U.S. companies for now, the CTA itself remains on the books, and a future administration could revisit this regulatory approach through new notice-and-comment rulemaking. A petition for certiorari is also pending before the U.S. Supreme Court concerning the CTA’s constitutionality. Clients may wish to retain the beneficial ownership records they previously compiled, so that they can respond quickly if reporting obligations are reinstated.

This final rule affects only federal BOI reporting under the CTA. It does not affect state-level beneficial ownership disclosure regimes, such as the New York LLC Transparency Act, which impose separate and independent obligations. Clients with entities subject to such state-level regimes should confirm their obligations under those laws separately.