Good News: No More FinCEN Filings for U.S. Businesses—Bad News: Your Data Stays

Happy Sunday morning!

As the week approaches, we’ve got two things for you:

1. Good News: No More FinCEN Filings for U.S. Businesses—Bad News: Your Data Stays. (2 min read)

2. Dear TCoL: New LLC Checklist (in order), Please! (2 min read)

Let's prepare you for a great week ahead, following a much-deserved Sunday reset.

-TCoL

Missed our last feature article? Name and Track Files Like a Trillion-Dollar CEO.

Read it here.

Late Friday afternoon on 21 March 2025, the Financial Crimes Enforcement Network (FinCEN) dropped a surprise that could make life easier for U.S. business owners.

The government changed the rules on Beneficial Ownership Information (BOI) reporting, and while new filings are no longer required for U.S. businesses, there’s a catch: If you already submitted a BOI report, your data is still sitting in FinCEN’s system, with no clear way to remove it.

Here’s what that means for you—and how you can push for a fix.

The New Rule: Less Paperwork, But Not for Everyone

Under this “interim final rule,” only foreign entities registered to do business in the U.S. have to file BOI reports. U.S. companies? No longer on the hook. That means no more reporting the names, birth dates, addresses, and ID numbers of your beneficial owners (anyone with 25% ownership or significant control).

If you haven’t filed a BOI report yet, congratulations—you’re off the hook.

If you already filed, though, there’s no current way to retract it.

Why This Matters

If you rushed to comply with the BOI rule early this year, you played by the book. Now, that book has changed—but your personal and business data is still on record. That includes sensitive info like home addresses and ID copies, and there’s no clear reason why it should stay there.

FinCEN’s focus has shifted to foreign entities, but U.S. business owners like you are left wondering: Why can’t I withdraw my report and get my information back?

What You Can Do About It

FinCEN is accepting public comments before finalizing the rule later this year. If you want a way to retract your BOI filing, now’s the time to speak up. Here’s how:

1. Submit a Comment to FinCEN

   • Go to www.regulations.gov, search for “FinCEN Beneficial Ownership Information Interim Final Rule” (published 21 March 2025) and click “Comment.”

   • Suggested language:
     “I am submitting this comment regarding the Interim Final Rule on Beneficial Ownership Information Reporting Requirements, published March 21, 2025. I request that FinCEN include a provision allowing entities to retract or withdraw BOI reports filed prior to March 21, 2025. Many U.S. businesses filed reports under previous rules, and with the new exemption for domestic entities, there is no valid reason to retain this data. A retraction process would enhance privacy, reduce unnecessary data retention, and align with the rule’s goal of reducing burdens on U.S. businesses. Please include a clear procedure for retraction in the final rule.”

   • The comment period might close as early as 20 April 2025, so act fast.

   • Also, realize that the interim final rule was just issued on 21 March and it may take another day or two to populate on the Federal Register website.

   • Here is a link to the interim final rule issued 21 March 2025: https://www.fincen.gov/sites/default/files/federal_register_notices/2025-03-21/CTAIFR3-21-25-FINAL508.pdf

2. Contact Your Congressional Delegation

   • Find your House and Senate reps at www.house.gov and www.senate.gov.

   • Call or email them, explaining why U.S. business owners deserve the right to retract their data. If Congress hears enough noise, they can push FinCEN to fix this gap.

Your Next Move

This rule change is good news, but it’s incomplete. If you’ve already filed a BOI report, your business and personal information shouldn’t be stuck in regulatory limbo. You’ve got a shot to fix that—comment, call, and make sure the final rule actually delivers the relief U.S. business owners deserve.

Stay tuned for updates in the next few editions of The Co. Letter, on X @thecoletter, and on LinkedIn (here).

Let’s turn this partial win into a complete one for U.S. business owners.

Dear TCoL: New LLC Checklist (in order), Please!

Question: It has been a long road, but I now have my LLC formed and need a good checklist (in order) of practical things to get done right away so I can focus on my business. Help!

Answer: Congratulations! Here’s your must-do list. Follow this order as closely as possible—you’ll see why.

1. Legal & Administrative Setup

✅ Create a Business Contact in Your Phone – Sounds odd, but you’ll be asked for your business details again and again. Save your LLC name, EIN, SIC/NAICS codes, formation date, and registered agent details in one place. It makes sharing info with bankers, vendors, and your CPA effortless. It also will keep you from searching every time you need information.

✅ Determine Your SIC and NAICS Codes – Nearly everything below requires one code or the other. [Find SIC codes here] and [NAICS codes here].

✅ Get Your EIN (Employer Identification Number) – It’s free. Don’t pay a service. Go directly to the [IRS website] and select email delivery—you’ll need this number to open a bank account, so, do not ask for it to be mailed to you. The IRS will email it to you instantly!

✅ Register with Dun & Bradstreet – This starts your free business credit profile. [Sign up here] but make sure you decline signing up for marketing emails or third-party offers.

✅ Create & Sign an Operating Agreement – Even if your state doesn’t require it, you need one. It defines ownership, management, and what happens if you exit or pass away.

• TCoL Guide: Don’t Let Your LLC Die With You 
  [Read here]

• Need a professionally prepared Operating Agreement template right away? [Subscribe to The Co. Letter Premium], and we’ll send you one.

✅ Open a Business Bank Account – Bring your EIN, LLC formation docs, SIC/NAICS codes, and (if required) an operating agreement. Check local banks and credit unions—they often have better startup-friendly options.

• TCoL Guide: Get Business Funding in Days, Not Months—But Read This First [Read here]

✅ Register for State & Local Tax Accounts – Whether it’s sales tax, employer tax, or franchise tax, your state wants its cut. You’ll typically need your EIN, SIC/NAICS codes, driver’s license, and business bank info to get started.

✅ Get Necessary Licenses & Permits – Federal, state, and local rules apply. Need a liquor license? Professional certification? General business permit?

2. Financial & Accounting Essentials

✅ Set Up Accounting Software or Hire an Accountant – QuickBooks and Xero make it easy. Need more help? A bookkeeper or CPA can do the work or get you started. Start with the lowest service tier that works for you—upgrading later is easy.

✅ Establish Payroll (If Paying Yourself or Hiring Employees) – Gusto, ADP, and Paychex (and many others) handle payroll taxes and compliance.

If paying yourself immediately, talk to a CPA about whether to elect S Corp tax status for your LLC to avoid self-employment taxes.

✅ Get Business Insurance – General liability, professional liability, and workers’ comp (if hiring). Don’t skip this—one lawsuit can sink a new business.

You’re Off and Running

This checklist eliminates guesswork in your first 30 days. Stay focused, execute each step, and let us know how if you need more help from us.

Have an interesting business question and need a free bit of advice? Send your question to [email protected]. No confidential info, please!