BOI Report Updates for FinCEN - What Information Needs to be Updated?

The Corporate Transparency Act (CTA) now requires domestic and foreign reporting companies to provide information about their beneficial owners and company applicants to FinCEN.

The BOI Report is a one-time filing obligation; however, the reporting company may need to file an updated BOI Report in future years if any changes are made to the information originally submitted on the report.

Updates would include changes to the beneficial ownership structure (changes in who holds the equity), changes in address for either the company or beneficial owners, expired identification documents for the beneficial owners, changes in the company management (e.g., CEO retires and new CEO is appointed), etc.

In this video, we cover the various elements that might require an updated BOI report and how to minimize the number of BOI report updates for the reporting company. By encouraging the individual beneficial owners to register for their own FinCEN IDs, any updates to their personal information would be filed by the individual and not the reporting company.

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