When do I need to file an updated or corrected BOI report?

Here we discuss when do you need to file an updated or corrected BOI report? The Financial Crimes Enforcement Network (FinCEN) requires most companies not only to file initial BOI reports to identify the beneficials owners and the individuals who created the company, but also to maintain these reports accurate and complete.

FinCEN requires companies to update and correct information for previously or initially submitted BOI reports. The purpose of filing an updated or corrected BOI report is to maintain your company’s information accurate and complete on FinCEN’s records. It is unlawful for any person to willfully fail to complete or update their BOI reports to FinCEN.

The deadline to file updated or corrected BOI reports is the same for both types of reports. Companies have a 30-day deadline to file updated or corrected BOI reports.

Updated or Corrected BOI Report Deadline

The deadlines to file updated or corrected BOI reports are:

• Updated BOI reports are due within 30 calendar days after a change in information requiring an update.
• Corrected BOI reports are due within 30 calendar days after the company becomes aware or has reason to know of an inaccuracy on its prior BOI reports.

Updated BOI Report Deadline

If the information you previously reported changed, your company needs to file an updated BOI report within 30 calendar days of the change. However, companies do not need to file an updated BOI report upon termination or dissolution. This means there is no deadline to file an updated BOI report when your company dissolves or terminates. In fact, you do not need to file an updated BOI report when your company is terminated or dissolved.   

Companies created or registered to do business on or after January 1, 2024 are required to report information about the individuals who formed the company (company applicants) but are not required to update it. Companies formed or registered prior to January 1, 2024, are not required to report company applicant information on their initial BOI report and are not required to update it.

You do not need to file updated BOI reports to update company applicant information if your company was created or registered on or after January 1, 2024. Also, you are not required to report or update company applicant information if your company was formed or registered prior to January 1, 2024. So, the deadline to file updated BOI reports does not apply to companies reporting information about company applicants.

Corrected BOI Report Deadline

If the information you previously reported is incorrect, you need to file a corrected BOI report to correct the error within 30 calendar days after your company becomes aware or has reason to know that the information provided in the BOI report is inaccurate.

If you submit a BOI report to FinCEN and later find out that the report contains inaccurate information, you may be able to avoid penalties if you:

• File a corrected BOI report containing the accurate information within 90 calendar days of submitting the inaccurate report, and
• File the corrected BOI report promptly and voluntarily

Please note that this rule only applies to reports that are corrected within 90 days of submission. If you file a corrected BOI report more than 90 days after submitting the inaccurate report, you may still be subject to penalties, even if you file the correction promptly after becoming aware or having reason to know of the inaccuracy.

Are you wondering if you need to file a BOI Report? Contact us, and we’ll clarify all aspects of the BOI Report related to your company profile!