If you formed an LLC, corporation, or other entity in the last few years, you’ve probably heard about the Corporate Transparency Act’s beneficial ownership information (BOI) reporting requirement, and the anxiety it caused small business owners bracing for another compliance deadline.

Here’s the update: in 2026, the U.S. Department of the Treasury and FinCEN announced that beneficial ownership reporting is no longer required for the large majority of domestic reporting companies. For most Arkansas and Oklahoma small business owners, that means the federal filing you may have been dreading, or already scrambling to complete, is off the table.

What this actually changes. If your business is a domestic entity (formed in the U.S., not a foreign company registered to do business here), you likely no longer need to file or update a federal BOI report with FinCEN. This reverses what had been one of the most disruptive new compliance burdens for small businesses in years.

What this doesn’t change. Federal BOI reporting is a separate requirement from your state’s own filing obligations. Annual reports, franchise taxes, registered agent updates, and similar state-level requirements haven’t gone anywhere. If you operate across state lines, as many of our clients do, each state’s requirements still apply independently.

What to do now. If you already filed a BOI report, you don’t need to do anything retroactively. If you were in the process of preparing one, you can likely stop, but it’s worth a quick conversation to confirm your specific entity structure actually falls under the exemption before you assume you’re in the clear.

This is a case where the news is genuinely good, but “good news, mostly” is exactly the kind of news that is worth double-checking against your own situation, and with an attorney, before you act on it.

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Attorney Advertising. This post is for general informational purposes only and is not legal advice. No representation is made that the quality of legal services performed is greater than that of other lawyers. Laws vary by state and change over time — consult an attorney about your specific situation before acting on anything here.