BOI Reporting is Officially Dead

Good news for small business owners!

FinCEN has permanently eliminated Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons. That means most U.S. business owners no longer need to file BOI reports or worry about updating them when ownership or management changes occur.

In my opinion, the reporting requirement placed a significant burden on small business owners, especially given the severe penalties for noncompliance. While the goal of increasing transparency and combating financial crime was understandable, I always questioned whether the burden placed on millions of legitimate small businesses was proportional to the likely benefit. For that reason, I'm relieved to see this requirement go away.

FinCEN has also announced that it will delete BOI information previously reported by U.S. persons from its database.