BOI compliance reviews after internal audits

Conclusion / Bottom-line guidance for the user (US business owners / LLC founders):- Most U.S.-formed entities are currently exempt from BOI reporting to FinCEN following FinCEN’s March 2025 interim final rule.

If your entity is U.S.-formed (a domestic LLC/corporation), you do not currently need to file BOI with FinCEN, but you should still (a) remediate any internal-record issues identified by the audit, (b) retain an internal BOI register, (c) ensure state filings are current, and (d) adopt basic controls and documentation practices so you can respond quickly if rules change.- If your entity is a foreign entity registered to do business in the U.S., assess whether it is a reporting company under the IFR and, if so, comply with the IFR deadlines (file or correct within IFR timeframes) and consult counsel if the audit found errors.

Conclusion / Bottom-line guidance for the user (US business owners / LLC founders):- Most U.S.-formed entities are currently exempt from BOI reporting to FinCEN following FinCEN’s March 2025 interim final rule.

If your entity is U.S.-formed (a domestic LLC/corporation), you do not currently need to file BOI with FinCEN, but you should still (a) remediate any internal-record issues identified by the audit, (b) retain an internal BOI register, (c) ensure state filings are current, and (d) adopt basic controls and documentation practices so you can respond quickly if rules change.- If your entity is a foreign entity registered to do business in the U.S., assess whether it is a reporting company under the IFR and, if so, comply with the IFR deadlines (file or correct within IFR timeframes) and consult counsel if the audit found errors.