FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners; Will Delete Information Previously Reported by U.S. Persons
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act. The final rule is effective on its publication in the Federal Register. On August 11, 2026, FinCEN also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database. Under the final rule, foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals.
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For more insight on this story, get in touch with Patrick D. Timmer
Patrick is a co-founder of Endacott Timmer and has been serving the Lincoln community for more than 25 years. Patrick was named the “Lawyer of the Year” in Wills and Trusts for 2023 by Best Lawyers. He is also a fellow of the American College of Trust and Estate Counsel.