BOI E-Filing

⚠️ NOTICE: Failure to file Beneficial Ownership Information Report before the federal deadline may result in penalties of up to $591/day. 

Beneficial Ownership Information Reporting

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What to Do If Your Business Information Changes After Filing Your BOIR

The Corporate Transparency Act (CTA) requires businesses to file a Beneficial Ownership Information Report (BOIR) with FinCEN, but what happens if there are changes to your business after you file? Whether you’ve updated your leadership team or changed the ownership structure, you need to ensure that your report remains accurate and up-to-date to avoid penalties. Let’s explore what you need to do if your business information changes.

When Do You Need to File an Updated BOIR?

An updated report is required any time there is a change in your company’s beneficial owners. This could happen if:

  • You add a new partner who gains significant ownership in the company,
  • A current owner sells their shares and reduces their ownership below 25%,
  • You change your senior leadership or decision-makers, such as your CEO or CFO,
  • Your company becomes tax-exempt or changes its legal status.

For any of these scenarios, you must file an updated BOIR with FinCEN within 30 days of the change.

What Information Needs to Be Updated?

The information required for beneficial owners includes:

  • Full legal name,
  • Date of birth,
  • Residential or business address,
  • A copy of a government-issued identification document (such as a driver’s license or passport).

It’s important that any changes to this information are reflected in the updated report to ensure compliance.

Consequences of Failing to Update Your BOIR

Failing to update your BOIR when required can result in severe penalties, including:

  • Fines of up to $10,000,
  • Ongoing daily fines of $500 until the report is corrected,
  • Potential imprisonment for up to two years.

These penalties can have a significant impact on your business, so it’s crucial to stay on top of any changes that affect your BOIR.

How BOIR Reporting Service Simplifies the Update Process

At BOIR Reporting Service, we make it easy for you to update your report when needed. Whether it’s a change in ownership or management, we’ll guide you through the process and ensure that your updated BOIR is filed accurately and on time. With our service, you can stay focused on running your business while we handle your compliance needs.