TaxBandits Knowledge Base

When should you submit an updated BOI Report?

Submitting an updated Beneficial Ownership Information (BOI) Report is crucial whenever there are changes in the company or its beneficial owner's information. The reporting company should file an updated BOI report no later than 30 days after the date on which the change occurred.

Various scenarios mandate the submission of an updated BOI report:

• Alterations in the information initially reported for the reporting company, such as the registration of a new business name.
• Changes in beneficial ownership, including appointing a new CEO or a transaction resulting in a shift in ownership exceeding the 25 percent threshold.
• Modifications to the details of a beneficial owner, such as name, address, or unique identifying number previously furnished to FinCEN. For instance, if a beneficial owner obtains a new identifying document, like a driver's license, reflecting changes in name, address, or identifying number, an updated report, accompanied by an image of the revised document, must be submitted to FinCEN.

If a beneficial owner who was a minor reaches the age of adulthood, then you need to update your BOI report. This means you'll need to identify them as beneficial owners and, if needed, replace their parent or legal guardian's information with their own. Like the initial BOI reports, these updates should be done electronically through the secure filing system.

Exceptions:

• A reporting company is not required to file an updated report for any changes to previously reported information about a company applicant.
• There is no requirement to report a company's termination or dissolution.