TaxBandits Knowledge Base

What information can be updated in a BOI report?

The following changes can be updated in a BOI report, which includes:

• The reporting company’s information changes include registering a new business’s name.
• The beneficial owner’s information changes include the name, current address, and identification document previously submitted to FinCEN.If a beneficial owner gets a new driver’s license or another identification document that shows a different name, address, or identifying number, the company responsible for reporting must submit an updated beneficial ownership information report to FinCEN, along with an image of the new identification document.
• Changes in beneficial owners, such as a new CEO, or a sale that changes who meets the ownership interest threshold of 25%.

Note: The updated BOI report should be filed within 30 days from the occurrence of changes.