BOI Reporting: Do Small Businesses Still Need to File With FinCEN?

If you formed an LLC or corporation in the last few years, you probably heard you had to file a Beneficial Ownership Information (BOI) report with FinCEN, the U.S. Treasury's Financial Crimes Enforcement Network. Then the rules changed. Here's where things stand.

What was BOI reporting?

The Corporate Transparency Act required many small companies to report information about their owners and the people who control them, such as name, address, date of birth and ID number, to FinCEN. It was aimed at stopping shell companies used for money laundering.

What changed?

In March 2025, FinCEN issued an interim final rule that exempts companies created in the United States (domestic reporting companies) and their U.S. owners from BOI reporting. Under that rule, the reporting requirement applies only to certain foreign companies that registered to do business in a U.S. state.

For most small business owners who formed an LLC or corporation in Washington or another U.S. state, that means no BOI report is currently required.

Why "currently" matters

BOI rules went through court challenges and several changes in a short time. FinCEN's rule could be finalized, revised or challenged again. Before you rely on any article, including this one, check the official FinCEN BOI page for the current status.

Watch out for BOI scams

Scammers have taken advantage of the confusion. Business owners have received letters and emails that:

• Look like official government notices
• Demand a fee to "file your BOI report"
• Threaten large fines for non-filing
• Include QR codes or links to look-alike websites

FinCEN never charged a fee to file a BOI report. If you receive a notice like this, don't click, don't pay, and verify directly on FinCEN's official website.

What filings do still matter for Washington businesses?

Even without BOI reporting, a typical Washington LLC still needs to:

• File its annual report with the Secretary of State
• Keep its business license and any city endorsements current
• File Department of Revenue returns as assigned (or qualify for a reduced filing status)
• File federal tax returns and information returns such as Form 1099-NEC

The bottom line

As of FinCEN's 2025 rule, most U.S.-formed small businesses don't need to file BOI reports. Stay alert for changes, ignore paid "BOI filing" solicitations, and focus on the state and tax filings that still apply to you.

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Need help getting this right? TRIG Bookkeeping & Tax Services helps new business owners in Washington with company registration, monthly and annual bookkeeping, and government compliance. Contact us to talk about your business.

This article is general information, not legal or tax advice for your situation. Tax rules and fees change, so confirm current details with the IRS, the Washington Department of Revenue, or a qualified professional.