US beneficial ownership reporting under the Corporate Transparency Act opens
FinCEN began accepting beneficial ownership information reports under the Corporate Transparency Act on 1 January 2024. Companies formed before 2024 had until 1 January 2025 to file, and companies formed during 2024 had 90 days from formation. US companies were later exempted entirely, and this entry records the regime as it began.
The Financial Crimes Enforcement Network (FinCEN) opened its beneficial ownership information (BOI) e-filing system on 1 January 2024, when the reporting rule under the Corporate Transparency Act (CTA) took effect.
What applied from 1 January 2024
- Reporting companies, broadly corporations, LLCs and similar entities formed in or registered to do business in the US unless exempt, had to report their beneficial owners to FinCEN. Companies formed from 2024 also reported their company applicants.
- Companies created or registered before 1 January 2024 had until 1 January 2025 to file an initial report.
- Companies created or registered during 2024 had 90 calendar days from notice of formation. From 2025 the period was to be 30 days.
- Updates were due when reported information changed.
- There were 23 exemptions, including large operating companies and many regulated entities.
Who was affected
Millions of small US companies and LLCs, and foreign companies registered to do business in a US state.
Later developments
This regime changed fundamentally. A federal court in Alabama ruled against the CTA in March 2024 (covered separately), and nationwide injunctions and appeals followed in late 2024 and early 2025. In March 2025 FinCEN issued an interim final rule exempting US companies and US persons. On 11 August 2026 a final rule made that permanent and FinCEN said it would delete the data already reported by US persons. Only certain foreign companies registered to do business in the US must still report, and only for foreign beneficial owners. Do not rely on the 2024 deadlines above.