Business License Guide

Guide for LLC owners

BOI Report Penalties: None for US Companies, Still Apply to Foreign Companies

US LLCs and corporations face no BOI penalties because they do not file BOI reports under FinCEN's final rule, effective 2026-08-14. Foreign companies registered in a US state that must file and do not still face civil and criminal penalties.

Last verified: 2026-10-23 Official sources linked below

Time to complete

Foreign reporting companies must file within 30 calendar days after US registration takes effect.

Steps

6

Timing note

The penalty clock matters only for foreign reporting companies. US-formed companies have no BOI filing, no deadline, and no BOI penalty since the final rule took effect on 2026-08-14.

Before you start

What to know first

  • US-created companies are outside BOI reporting under FinCEN's final rule, issued 2026-08-11 and effective 2026-08-14. They file no initial, updated, or corrected report, so no BOI penalty applies to them.
  • The Corporate Transparency Act, 31 U.S.C. § 5336, still carries civil and criminal penalties. They now matter only for foreign reporting companies, meaning entities formed under foreign law that registered to do business in a US state or tribal jurisdiction.
  • A foreign reporting company that must file and does not faces a daily civil penalty. FinCEN adjusts the amount for inflation each year. Check fincen.gov/boi for the current figure.
  • Willful failure to report, willful false reporting, and willful failure to correct can also bring criminal penalties for the individuals responsible.
  • FinCEN says it will delete BOI already reported by US companies and US persons.
  • State law is separate. New York's LLC Transparency Act took effect 2026-01-01 and has its own beneficial-ownership disclosure for LLCs. Check the New York Department of State at dos.ny.gov for its terms and penalties.

Documents

What you'll need

  • US-formed company: none. No BOI report is required, so no penalty analysis applies.
  • Foreign reporting company: its US registration effective date, to check whether the 30-calendar-day filing window has passed.
  • Foreign reporting company that missed the window: the BOI report itself, filed at boiefiling.fincen.gov, listing only beneficial owners and company applicants who are not US persons.

Process

Step by step

  1. Check whether the company is a US company or a foreign reporting company A company created under the law of a US state or tribal jurisdiction faces no BOI penalty, because it files no BOI report. A company formed under foreign law and registered to do business in a US state is a foreign reporting company, and penalties can still reach it.
  2. If you filed before, know that nothing further is due A US company that filed a BOI report earlier does not update or correct it. FinCEN says it will delete BOI already reported by US companies and US persons. US persons need not update or correct FinCEN IDs.
  3. If you are a foreign reporting company, check the 30-day window You must file within 30 calendar days after your US registration takes effect. If that window has passed and you have not filed, file now at boiefiling.fincen.gov. Report beneficial owners and company applicants who are not US persons.
  4. Understand the penalty exposure for a missed filing The Corporate Transparency Act's daily civil penalty applies to a foreign reporting company that must file and does not. FinCEN adjusts the amount for inflation each year. Criminal penalties are possible for willful violations. Read the current amount and guidance at fincen.gov/boi.
  5. Get advice if the facts are unclear If you cannot tell whether your company counts as a foreign reporting company, ask an attorney. Penalty exposure turns on where the company was formed, when its US registration took effect, and whether a violation was willful.
  6. Check state law separately New York's LLC Transparency Act took effect 2026-01-01 and has its own beneficial-ownership disclosure for LLCs. The New York Department of State at dos.ny.gov is the source for its requirements. A future federal rulemaking could also change reporting, so recheck fincen.gov/boi.

Costs

What it costs

Item Amount Notes
BOI penalty for a US-formed company None US companies file no BOI report, so there is nothing to penalize.
Civil penalty for a foreign reporting company that must file and does not Daily penalty, adjusted for inflation The Corporate Transparency Act sets a daily civil penalty, and FinCEN adjusts it each year. The page gives no figure. Read the current amount at fincen.gov/boi.
Criminal penalties for a foreign reporting company Possible Willful violations can lead to criminal fines and imprisonment under 31 U.S.C. § 5336. A court sets the outcome.

FAQ

Common questions

Can my US LLC be penalized for not filing a BOI report?

No. FinCEN's final rule, effective 2026-08-14, removed US-created companies from BOI reporting. An LLC formed under US law files no BOI report, so no BOI penalty applies to it. The same holds for corporations, PLLCs, series LLCs, and single-member LLCs.

What about penalties for BOI reports I should have filed earlier?

US companies and US persons no longer owe BOI reports, and FinCEN says it will delete BOI already reported by them. Under the rule, no BOI penalties apply to US companies. Check fincen.gov/boi for the latest FinCEN statements.

Who can still be penalized under the Corporate Transparency Act?

Foreign reporting companies that must file and do not. That means entities formed under foreign law that registered to do business in a US state or tribal jurisdiction. They face a daily civil penalty adjusted for inflation each year, and willful violations can bring criminal penalties.

How much is the daily civil penalty now?

FinCEN adjusts the Corporate Transparency Act's daily civil penalty for inflation each year, so the figure changes. Read the current amount on FinCEN's BOI page at fincen.gov/boi. It applies only to foreign reporting companies that must file and do not.

Can the rule change again?

A future rulemaking could reinstate reporting for US companies. Check fincen.gov/boi for the current rule. State law is also separate: New York's LLC Transparency Act took effect 2026-01-01 and has its own disclosure for LLCs, so check dos.ny.gov.

Provenance

Legal basis & official sources

Last verified 2026-10-23.

Corporate Transparency Act, 31 U.S.C. § 5336 (reporting and penalties). FinCEN final rule issued 2026-08-11, effective 2026-08-14, making permanent the March 2025 interim final rule that limits 'reporting company' to foreign entities registered to do business in the US. FinCEN adjusts the civil penalty for inflation each year. Current guidance is at fincen.gov/boi and in the Federal Register.

Direct filing portal: https://boiefiling.fincen.gov/

If you skip this

  • US-formed companies: no BOI penalty applies because no BOI report is required.
  • Foreign reporting companies that must file and do not: a daily civil penalty, adjusted for inflation each year, under 31 U.S.C. § 5336.
  • Foreign reporting companies: possible criminal penalties for willful violations, which can reach the individuals responsible.

Official sources

§ A Related guides

§ B Building permits

§ C Companion tools

Disclaimer: Informational only, not legal or tax advice. Rules change, so confirm with a business attorney or CPA before you act.