Reporting companies must file a Beneficial Ownership Information report with the Financial Crimes Enforcement Network (FinCEN). The BOI report is considered a one-time filing. If a business entity’s initial BOI report is accurate and no information filed in the report changes, the company does not have to submit any subsequent reports.
When Is an Initial BOI Report Due and How You File One
The BOI reporting deadlines depend on when a reporting company was created or registered:
- Business formed before January 1, 2024 – The initial BOI report is due by January 1, 2025.
- Business formed between January 1, 2024 and January 1, 2025 – The initial BOI report is due within 90 days of the entity’s effective date.
- Business formed on or after January 1, 2025 – The initial BOI report is due within 30 days of the entity’s effective date.
The person who files a reporting company’s BOI report can do so through FinCEN’s BOI e-filing system, where they have the option to either fill out the online BOI form or download the application in a PDF file and complete it offline at their own pace.
Circumstances Requiring an Updated BOI Report
In some instances, a reporting company must amend its beneficial ownership information through either an updated or corrected report.
An updated BOI report is required if previously reported information about the reporting company or its beneficial owners has changed.
Examples of a BOI update include:
- The reporting company has moved to a new principal address.
- A reporting company has a new Chief Executive Officer.
- A beneficial owner has changed their name (such as through marriage) or moved to a new residential address.
- The reporting company has registered a new DBA (a.k.a. fictitious name).
Updated reports are due within 30 calendar days after a change occurs.
When information in the previous BOI report is inaccurate, a reporting company must issue a corrected BOI report. Corrected reports are due within 30 calendar days of when the reporting company realizes there was an error.
How to File an Updated or Corrected BOI Report
Reporting companies can use FinCEN’s online e-filing system (the same one used for filing initial BOI reports) to submit updated or corrected reports.
The BOI application provides the options for:
- Filing an initial report
- Correcting a prior report
- Updating a prior report
- Notifying FinCEN that a reporting company that issued a previous BOI report is now exempt from the reporting rule
Leave your BOI report preparation to us. Our expert filing specialists have the process down pat and will save you precious time whether you’re nearing the deadline for your initial report or need to update or correct a previous report.
More BOI Information and Resources
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- BOI Filing Requirements: What Is Needed?
- The Purpose of BOI Reporting
- Consequences of Not Filing a BOI Report
- What Is a BOI Report and Do You Need to File One?
- BOI Reporting Requirements by Entity Type
- Do Inactive Business Entities Need to File a BOI Report?
- Company Applicant vs. Beneficial Owner
- Who Is a Beneficial Owner of a Business?
- Who Is Authorized to File a BOI Report?
File Your BOI Report With CorpNet
Leave your BOI report preparation to us. Our expert filing specialists have the process down pat and will save you precious time whether you’re nearing the deadline for your initial report or need to update or correct a previous report.
