Correcting BOI Report When You Identify Inaccuracies in Previous Reporting

Do I Need to File a Corrected BOI Report if I Discover Inaccuracies in Previous Reporting?

Yes, you need to file a Corrected BOI Report if you discover inacurracies in the BOI report you previously filed.

If any information you provided a BOI report is incorrect, you must correct it within 30 days after the date you became aware of the mistake or had reason to know of it. This includes any inaccuracy in the required information you provided about your company, its beneficial owners, or its company applicants.

Accuracy in beneficial ownership information reporting is a cornerstone of the compliance measures implemented by FinCEN. This article provides essential guidance on correcting a BOI report when you discover an error in your previosly reported company information, its beneficial owners or company applicants.

How to Handle Inaccuracies or Errors in BOI Reports

You must file a Corrected BOI Report when previously reported information was inaccurate when filed and remains inaccurate. Discovering errors or inaccuracies in a BOI report is significant. These inaccuracies can range from minor errors in personal details to more substantial misreporting of ownership stakes or control.

Steps to Correct Inaccuracies and Errors on Your BOI Report

1. Identify the Error: Review your BOI reports after submission to identify any inaccuracies.
2. Prepare Corrected Information: Gather the accurate information that needs to be reported.
3. Submit a Corrected BOI Report: File a Corrected BOI Report with Us within 30 days of discovering the error. It is fast and easy. Three simple steps and you are done. No login or signup required.
4. Documentation and Record-Keeping: Maintain records of the inaccuracies and the steps you took to correct them.

Consequences of Ignoring Inaccuracies in BOI Reports

Failing to correct inaccuracies in a BOI report can lead to civil or criminal penalties, especially if the inaccuracies are deliberate attempts to mislead or conceal information.

Civil penalties include fines of up to $500 for each day that the violation continues. Criminal penalties include imprisonment for up to two years and/or a fine of up to $10,000.

Vigilance in maintaining the accuracy of BOI reports is crucial. Regular reviews and prompt corrections of any discovered inaccuracies are vital for compliance with the CTA. Ensuring the integrity of the information reported to FinCEN is a responsibility that falls on every reporting company.

Best Practice: Regularly review the information you submitted in prior BOI Reports, maintain records of the errors identified and the steps you took to correct them, and promptly file a Corrected BOI Report.

If the BOI report contained errors or inaccuracies, file your Corrected BOI Report with Us. Get Started with our BOI Report tool for a fast and easy submission. Three simple steps and you are done. No login or signup required. We are the number one choice for Corrected BOI Report filing.