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Beneficial ownership reporting after FinCEN’s final rule: who still has to file
Since August 2026, US companies and US persons are permanently exempt. Foreign companies registered to do business in a US state, such as Latin American groups expanding into the US, still have to report.
By the True CPA Tax TeamOctober 1, 20265 min read
On August 11, 2026, FinCEN issued a final rule under the Corporate Transparency Act that permanently removes beneficial ownership information (BOI) reporting for US companies and US persons. The rule took effect upon publication in the Federal Register on August 14, 2026.
Who still has to report
Entities formed under the law of a foreign country and registered to do business in a US state or tribal jurisdiction.
These foreign reporting companies report their own information and that of their non-US beneficial owners. US persons are not reported.
New registrations must file within 30 days of registering to do business in the US.
Existing penalty provisions remain in place.
Checklist for foreign companies entering the US
01Structure: decide whether to operate through a US subsidiary or register the foreign entity itself.
02Deadline: control the 30-day deadline from the state registration.
03Owners: identify all non-US beneficial owners and keep their documents current.
04Updates: report changes to information previously filed.
05Tax: coordinate with federal and state tax registrations, such as the EIN and state nexus.
A subsidiary formed in a US state is a domestic company and is now exempt from BOI reporting, while a foreign company registered to do business in the US remains subject to it.
HOW TRUE CPA CAN HELPWe help Brazilian and Latin American companies choose the right structure to enter the US and keep reporting and tax registrations up to date.Talk to a specialist
Legal basisFinCEN Final Rule (issued August 11, 2026; Federal Register, August 14, 2026) · Corporate Transparency Act (31 U.S.C. 5336).This content is for information only and does not replace an analysis of each specific case.
