Accurate Beneficial Ownership Information (BOI) reporting isn’t a one-and-done task. It’s about maintaining the most up-to-date picture of your company’s ownership for compliance with the Corporate Transparency Act. Whether you’ve discovered errors in your initial BOI report or your company’s information has changed, this guide will help you make the necessary corrections.
Identifying Inaccuracies and Needed Updates
- Act Promptly: If you find any inaccuracies in your BOI report or your company information changes, you must submit a corrected report within 30 days of becoming aware of the issue or change.
- What Needs Correction or Updating?
- Inaccuracies: Any errors in the original information provided about your company, beneficial owners, or company applicants.
- Changes in Beneficial Owners: Adding a new owner, an owner leaving, or any changes to their information (name, address, etc.).
- Changes in Company Information: Relocation, name change, or any significant company modification.
- How to Correct Your Report:
- Log In: Access the BOI E-Filing System on the FinCEN website.
- Locate Your Report: Find the specific BOI report that requires correction.
- Submit Corrections: Choose the option for an updated or corrected report, ensuring all information (company, owners, applicants) is accurate and up-to-date.
Key Points to Remember
- No Annual Reporting: Companies are not required to file BOI reports annually. You only need to file an initial report and update it when necessary due to inaccuracies or changes.
- Regulatory Oversight: Accurate BOI reports are crucial for maintaining compliance and avoiding regulatory scrutiny.
- Information Security: Rest assured, the information reported to FinCEN is stored securely and accessed only by authorized parties for legitimate purposes.
By following these steps and staying informed about your reporting obligations, you can ensure your BOI reports remain accurate and compliant with regulatory requirements. Regularly checking and updating your information helps maintain the integrity and transparency of your business operations.
