JACKSON, Miss. - The Financial Crimes Enforcement Network of the United States Treasury (FinCEN) issued a final rule, effective August 14, 2026, eliminating Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) for U.S. companies and U.S. persons.
Domestic entities and U.S. beneficial owners are no longer required to file or provide BOI information, update previously submitted information, or take any further action related to BOI reports.
The remaining reporting requirements generally apply only to certain foreign entities registered to do business in the United States, and those entities are required to report information only about their foreign beneficial owners.
FinCEN has also stated that it intends to delete information about U.S. persons contained in previously filed BOI reports by February 10, 2027. The final rule largely makes permanent the interim rule issued in March 2025 following extensive litigation and uncertainty surrounding the CTA.
Mississippi Secretary of State Michael Watson applauds FinCEN’s final rule ending beneficial ownership reporting requirements for U.S. companies and persons under the CTA. Last year, Watson joined 19 other Secretaries of State in a letter to President Trump urging repeal of the burdensome requirements. Additionally, he has worked closely with the NFIB and Alabama Secretary of State Wes Allen to educate Congress on the harmful effects of the requirements and advocate for their complete repeal.
“Through our Tackle the Tape initiative, I have consistently worked to make Mississippi the best place to start and grow a business by reducing unnecessary government burdens,” Secretary Michael Watson said. “Small business owners should be focused on serving their customers, creating jobs and growing our economy, not navigating costly and burdensome federal reporting requirements. I applaud the Trump Administration and FinCEN for cutting this unnecessary red tape and providing much-needed relief to Mississippi businesses.”