More than 100 business groups push for final rule and data deletion. Here is what Georgia business owners need to know.
Did you file a Beneficial Ownership Information (BOI) report last year? You are not alone. About 16 million U.S. businesses filed these reports before the rules changed. Now, over 100 business groups are asking the Treasury Department to delete that data. They also want the exemption for U.S. companies made permanent.
This update matters for every LLC and corporation in Atlanta and across Georgia. Here is what changed and what you should do next.
What Changed With BOI Reporting?
In March 2025, the Financial Crimes Enforcement Network (FinCEN) issued a new rule. This rule removed the BOI filing requirement for U.S. companies. Now, only foreign-owned entities must file.
But there is a catch. The data already filed still sits in a government database. Business groups say this creates security risks. They want Treasury to delete these records and make the exemption final.
Why Are Business Groups Worried?
BOI reports contain sensitive data. This includes names, home addresses, and ID numbers of business owners. That is why more than 100 groups signed a letter to Treasury Secretary Scott Bessent. The list includes the National Small Business Association and the National Federation of Independent Business.
Their concern is simple. If U.S. companies no longer need to file, why keep their data? The longer it stays in a database, the higher the risk of breaches or misuse.
What Has FinCEN Said?
FinCEN Director Andrea Gacki spoke about this in September. She said the agency plans to finalize the rule this year. She also said FinCEN will dispose of data no longer required by law.
This is good news. But no firm date has been set. Business groups want faster action to protect their members.
Is the Corporate Transparency Act Still in Effect?
Yes, but legal battles continue. At least 12 federal cases challenge the Corporate Transparency Act (CTA). One case from the National Small Business Association may reach the Supreme Court.
The government says removing the domestic filing rule was an executive choice. It does not affect whether the CTA is legal. This legal cloud adds pressure on Treasury to act soon.
What Should Georgia Business Owners Do Now?
If you filed a BOI report, you do not need to do anything right now. The exemption applies to all domestic companies. You do not need to withdraw or change your filing.
But stay alert. The rules could shift again based on court rulings or new Treasury guidance. Keep a copy of your original filing in case questions come up later.
Did you form a new LLC or corporation recently? You likely do not need to file a BOI report. But if your business has foreign owners, you still have filing duties. Talk to your accountant if you have any international ties in your ownership structure.
Key Takeaways for Business Owners
- Current status: U.S. companies are exempt from BOI reporting under the March 2025 rule.
- Data concerns: About 16 million reports remain in the FinCEN database. Business groups want this data deleted.
- Timeline: FinCEN plans to finalize the rule and handle data disposal this year. No specific date is set.
- Legal status: Multiple court cases challenge the CTA. One may go to the Supreme Court.
- Your action: No steps needed for domestic companies. Stay informed and keep records of any past filings.
How Virtue CPAs Can Help
Rule changes like this can confuse any business owner. At Virtue CPAs, we help Atlanta-area businesses stay compliant without the stress. Our team tracks federal updates so you can focus on your company.
Need help understanding how these rules affect your LLC? Want to review your entity structure? Planning for future compliance needs? We are here to help. We work with small and mid-sized businesses across Georgia to make complex rules simple.
Contact Virtue CPAs today at (678) 952-9001 or info@virtuecpas.com to schedule a consultation. Let us help you handle regulatory changes with confidence.
