Ding-dong, the BOI is dead!

It's official: BOI reporting is dead! At least for Americans...

On March 21, FinCEN announced that all companies created in the U.S. are now and permanently exempt from Beneficial Ownership Reporting rules. In addition, foreign-created entities are no longer required to report any U.S. persons who hold beneficial ownership, and those U.S. persons are likewise not required to report their ownership. This is a huge win for small business owners.

It doesn't sound like any existing reporting will be deleted, so if you followed the rules, your information will most likely remain in the system. Instead, there won't be any enforcement action or penalties applied to non-reporting entities who are now exempt. This also means for those who complied that there won't be any required updates to the original report you filed.