If you own a small business in Phoenix or anywhere in Arizona, you probably remember the rush to file a Beneficial Ownership Information (BOI) report with FinCEN. Since then, the rules have changed several times, and many owners are still unsure whether they need to file anything going into 2027. Here is where things stand.
The Short Answer
No. If your business was formed in the United States, you do not need to file a BOI report. On August 11, 2026, FinCEN issued a final rule that permanently removes BOI reporting for U.S. companies and U.S. persons, effective August 14, 2026 (U.S. Treasury announcement).
What Was BOI Reporting?
The Corporate Transparency Act (CTA) required most small corporations and LLCs to report information about their owners, the people who own or control the company, to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury (U.S. Chamber of Commerce overview). Reporting began in 2024 and was quickly tied up in court challenges and shifting deadlines, which left many business owners confused.
What Changed in 2026
In March 2025, FinCEN issued a temporary (interim) rule exempting U.S. companies from reporting (FinCEN news release). The August 2026 final rule makes that exemption permanent. Here is what it means for you (source: U.S. Treasury):
- U.S. companies do not file. Corporations, LLCs and other entities formed in the U.S. are no longer required to report beneficial ownership information.
- Past filings will be deleted. FinCEN will delete beneficial ownership information previously reported about U.S. companies and U.S. individuals, and will post a public notice when the process is complete (Debevoise & Plimpton summary).
- FinCEN IDs do not need updating. If you obtained a FinCEN ID, you do not need to update or correct the information you provided.
- No action is needed from U.S. businesses that already filed.
Who Still Has to File?
Only companies formed under the laws of a foreign country that have registered to do business in a U.S. state still have to report. These companies must file within 30 days of registering and update their report within 30 days of any change. Even then, they do not report U.S. persons as beneficial owners (FinCEN BOI page; Debevoise & Plimpton summary).
At the state level, New York is currently the only state with its own beneficial ownership law, and it applies only to LLCs formed outside the U.S. (source). Arizona does not have a state BOI reporting requirement.
Watch Out for BOI Scams
Scammers have taken advantage of the confusion by sending letters and emails that look official and demand a “BOI filing fee” or threaten penalties. FinCEN has warned that it does not charge a fee to file BOI reports and does not send unsolicited requests (FinCEN scam alert). If you receive a message like this, do not click any links or send payment. Contact us and we will help you check whether it is legitimate.
Could the Rules Change Again?
Possibly. The Corporate Transparency Act is still federal law, lawsuits over it are ongoing, and a future administration could change how it is enforced. FinCEN is also planning related changes to the rules banks follow when verifying business customers, with a proposal targeted for March 2027 (Debevoise & Plimpton summary). Moon Valley Accounting & Tax Services will keep monitoring these developments and keep our clients informed.
BOI Reporting FAQ for Phoenix Business Owners
No. LLCs and corporations formed in Arizona or any other U.S. state no longer have to file beneficial ownership information (BOI) reports with FinCEN. FinCEN’s final rule, effective August 14, 2026, permanently removed the requirement for U.S. companies.
Yes, but only for companies formed under the laws of a foreign country that have registered to do business in a U.S. state. They must file within 30 days of registering and do not report U.S. persons as beneficial owners.
FinCEN has said it will delete beneficial ownership information previously reported about U.S. companies and U.S. individuals. You do not need to take any action.
No. Under the final rule, U.S. persons who obtained a FinCEN ID do not need to update or correct the information they provided.
No. Arizona does not have a state beneficial ownership reporting law. New York is currently the only state with one, and it applies only to LLCs formed outside the U.S.
Be careful. FinCEN never charged a fee to file a BOI report, and scammers have sent fake letters and emails demanding payment. Do not click links or pay. Contact Moon Valley Accounting & Tax Services in Phoenix and we will help you check it.
Not Sure If This Applies to You?
If your business has foreign owners, was formed outside the U.S., or you simply want peace of mind, we are happy to review your situation. Contact Moon Valley Accounting & Tax Services to schedule a consultation.
Sources
- U.S. Department of the Treasury: FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners (August 2026)
- FinCEN: FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons (March 2025)
- FinCEN: Beneficial Ownership Information Reporting
- FinCEN: Alert on Scams Related to Beneficial Ownership Information Reporting
- Debevoise & Plimpton: FinCEN Finalizes Narrowed Beneficial Ownership Reporting Regime (September 2026)
- U.S. Chamber of Commerce: Corporate Transparency Act — What You Need to Know
Featured photo: Downtown Phoenix skyline by J550112, CC0 (public domain), via Wikimedia Commons. This article is for general information only and is not legal advice. Last updated October 2026.