BOI / FinCEN Status Tracker: Do US LLCs Still File?
Short answer as of November 7, 2026: no. A federal final rule permanently exempts US-formed companies from beneficial ownership reporting. A multistate lawsuit is trying to undo that. This tracker follows it, dated and sourced.
Current status: November 7, 2026
US-formed LLCs do not file beneficial ownership information (BOI) reports with FinCEN. The exemption is permanent under the final rule published August 14, 2026 (91 FR 52508). Foreign companies registered to do business in the US still report. On October 27, 2026, 20 states and the District of Columbia sued to vacate the final rule. Until a court rules, the exemption stands. If anyone offers to file a BOI report for your US LLC for a fee, you do not need it.
On this page
What BOI reporting was
The Corporate Transparency Act required most small companies to report their beneficial owners, the people who own or control them, to FinCEN, the Treasury Department's financial crimes bureau. Reporting began January 1, 2024. Companies formed before 2024 had a year to file. Companies formed in 2024 had 90 days. Penalties for willful failure were severe, up to $500 per day and criminal exposure, which is why a cottage industry of paid filing services sprang up, and why so many old guides still carry frightening warnings. Those warnings are out of date.
Timeline: how we got here
| Date | What happened |
|---|---|
| Jan 1, 2024 | BOI reporting begins under the Corporate Transparency Act for most small companies, domestic and foreign. |
| 2024 to early 2025 | Court challenges and injunctions pause and restart enforcement more than once. Filing deadlines shift repeatedly. |
| Mar 26, 2025 | FinCEN's interim final rule exempts US companies and US beneficial owners. Only foreign reporting companies remain covered. |
| Aug 14, 2026 | The final rule is published (91 FR 52508), making the domestic exemption permanent and directing deletion of BOI previously submitted by US persons. |
| Oct 27, 2026 | Twenty states and the District of Columbia sue to vacate the final rule, arguing the exemption contradicts the statute. |
| Today | The exemption is in force while the case proceeds. No ruling has changed it as of this page's last check. |
The October 2026 lawsuit
The states suing argue that the Corporate Transparency Act's text covers domestic companies and that FinCEN cannot exempt them by rule. If the states win and the rule is vacated, domestic BOI reporting could return, presumably with new deadlines set by FinCEN rather than retroactive penalties, but that outcome is speculation. What is not speculation: litigation like this takes months to years, courts usually announce changes with lead time, and this page will be updated when anything moves. That is the point of a tracker.
What this means for your LLC
- Formed in the US? You have no BOI filing to make today. Decline paid filing offers.
- Already filed in 2024 or 2025? Nothing to do. The final rule directs FinCEN to delete information US persons previously submitted.
- Foreign company registered in a US state? You still have BOI obligations. The exemption never covered you.
- Watching the lawsuit? Check back here. We log changes with dates in our corrections and updates log.
Sources
- FinCEN, Beneficial Ownership Information Reporting final rule, 91 FR 52508 (Aug 14, 2026), via the Federal Register.
- FinCEN, interim final rule (Mar 26, 2025) and BOI reporting guidance at fincen.gov.
- Complaint filed Oct 27, 2026 by 20 states and the District of Columbia challenging the final rule.
Last checked: November 7, 2026. This tracker covers the federal rule only. A few states are building their own transparency registries (New York's LLC Transparency Act is the notable one); those are separate state obligations, covered on the relevant state pages as they take effect.
General Information Only
LLCForming publishes general information about forming and running an LLC. It is not legal, tax, or accounting advice, and it does not create an attorney or advisor relationship. Rules vary by state and by your situation. For a decision that matters, talk to a licensed attorney or tax professional in your state.