On Friday, March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) issued interim guidance on Beneficial Ownership Information reporting requirements — and it’s great news for small business owners.

Here’s the bottom line: If your business was created in the United States, you are no longer required to file a Beneficial Ownership Information (BOI) report.

This change removes the filing requirement for U.S. companies and their owners, ending months of confusion, shifting deadlines, and uncertainty. FinCEN has officially made it clear: U.S. small businesses do not have to take any action or submit BOI reports.

Who still has to report?

Only certain foreign businesses are still required to file BOI reports. But even they don’t have to include information about U.S. citizens. To read the full guidance, visit FinCEN’s BOI hub.

So, what now?

If you’re a U.S.-based small business owner, you can take this off your to-do list. There’s nothing you need to file, update, or worry about — at least as far as BOI reporting goes.

FinCEN is still accepting public comments and may make more changes later this year, but for now, this is a huge simplification for small businesses across the country.

As always, we’ll continue to monitor and update on any relevant developments.