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?
Current BOI reporting dates include:
- For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.
- Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.
- As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
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.
