Kewal Krishan & Co, Chartered Accountants
BOI Report

Changes to previously reported informations or inaccuracies identified

Stay Ahead of Changes: Keep Your BOI Report Updated!

Don’t get caught off guard by changes!

The Need for Timely Updates

Things change, and so does the information about your company and its beneficial owners in a Beneficial Ownership Information (BOI) report. When that happens, here’s the scoop: Your company must file an updated BOI report within 30 days from the date of the change. This also applies to changes in information submitted by an individual to obtain a FinCEN identifier.

Now, the good news is that you don’t have to file an updated report for changes to previously reported personal information about a company applicant.

When to File an Update

Here are some examples of changes that call for an updated BOI report:
Any changes to the information reported for your company, such as registering a new “Doing Business As” (DBA) name.
A shake-up in beneficial owners, like a new Chief Executive Officer taking the helm, a sale that shifts ownership interests, or the unfortunate passing of a beneficial owner.
Note: When a beneficial owner passes away and this changes the roster of beneficial owners, report these changes within 30 days of the deceased beneficial owner’s estate being settled. Make sure to identify any new beneficial owners, where appropriate.

Any change to a beneficial owner’s name, address, or unique identifying number provided in a BOI report.
Note: If a beneficial owner gets a new driver’s license or another identifying document with updated info, you’ll also need to file an updated beneficial ownership information report with FinCEN. Don’t forget to include an image of the new identifying document.

Special Rule: Transitioning From Minor to Adult

If a beneficial owner who was once a minor child reaches the age of majority, it’s time for an updated BOI report. This report should identify the individual as a beneficial owner and, if needed, replace their parent or legal guardian’s information with their own.

Easy Updates, Electronic Filing

Just like with initial BOI reports, keep things simple and file your updated BOI reports electronically through the secure filing system. It’s quick, efficient, and ensures you stay compliant.

Conclusion: Streamlining Compliance Through Timely Updates

In the dynamic world of business, change is inevitable. Staying compliant means promptly updating your Beneficial Ownership Information (BOI) report to reflect any changes. Whether it’s a new DBA name, a shift in ownership, or personal details of beneficial owners, timely updates within 30 days ensure your company remains in good standing. Embrace this as an opportunity to maintain transparency and uphold your commitment to legal integrity, keeping your business ahead in the compliance race.

Have Questions?

Don’t let the maze of Beneficial Ownership Information reporting overwhelm you. Reach out to our team for expert guidance and support tailored to your business needs. Contact our COO Anshul Goyal at anshul@kkca.io and schedule a consultation today to navigate the compliance waters with confidence.

Disclaimer

This overview is intended for informational purposes only and does not constitute legal advice. Regulations may change, so please consult with a professional or the appropriate regulatory body for the most current information

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