{"id":3182,"date":"2024-05-24T09:07:00","date_gmt":"2024-05-24T09:07:00","guid":{"rendered":"https:\/\/investmentlawyers.com\/cta\/?page_id=3182"},"modified":"2024-05-24T09:54:09","modified_gmt":"2024-05-24T09:54:09","slug":"chapter6","status":"publish","type":"page","link":"https:\/\/investmentlawyers.com\/cta\/chapter6\/","title":{"rendered":"Chapter6"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3182\" class=\"elementor elementor-3182\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d123e36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d123e36\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0d6fa3d\" data-id=\"0d6fa3d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a8cb02c elementor-widget elementor-widget-text-editor\" data-id=\"a8cb02c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<a name=\"06\"><\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73d07a8 elementor-widget elementor-widget-image\" data-id=\"73d07a8\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"662\" height=\"119\" src=\"https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/img06.jpg\" class=\"attachment-large size-large wp-image-514\" alt=\"\" srcset=\"https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/img06.jpg 662w, https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/img06-600x108.jpg 600w, https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/img06-300x54.jpg 300w\" sizes=\"(max-width: 662px) 100vw, 662px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c23f6b elementor-widget elementor-widget-text-editor\" data-id=\"6c23f6b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>In addition to filing an initial BOI report, reporting companies must also update and correct information in their previously filed BOI reports. Individuals who obtain FinCEN identifiers must also update and correct information previously reported to FinCEN. This chapter discusses what to do when there are changes to or inaccuracies in reported information in the following sections:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ae546e8 elementor-widget elementor-widget-text-editor\" data-id=\"ae546e8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<b>6.1 What should I do if previously reported information changes?<br>\n6.2 What should I do if I learn of an inaccuracy in a report?<br>\n6.3 What should my company do if it becomes exempt after already filing a report?\n<\/b>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b003df elementor-widget elementor-widget-text-editor\" data-id=\"4b003df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThis chapter generally covers 1010.380(b)(3), \u201cContents of updated or corrected reports\u201d\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5b428b4 elementor-widget elementor-widget-heading\" data-id=\"5b428b4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\"><a name=\"6.1\"><\/a>6.1 What should I do if previously reported information changes?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-96a1136 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"96a1136\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-478f58c\" data-id=\"478f58c\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5f49b3e elementor-position-left elementor-position-top elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"5f49b3e\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><img decoding=\"async\" width=\"105\" height=\"105\" src=\"https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/top-icon01.png\" class=\"attachment-full size-full wp-image-1960\" alt=\"\" srcset=\"https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/top-icon01.png 105w, https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/top-icon01-100x100.png 100w\" sizes=\"(max-width: 105px) 100vw, 105px\" \/><\/figure><div class=\"elementor-image-box-content\"><h5 class=\"elementor-image-box-title\">UPDATED REPORTS<\/h5><p class=\"elementor-image-box-description\">Required when there is a change to previously reported information about the reporting company itself or its beneficial owners.<\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f400f79 elementor-position-left elementor-position-top elementor-vertical-align-top elementor-widget elementor-widget-image-box\" data-id=\"f400f79\" data-element_type=\"widget\" data-widget_type=\"image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"elementor-image-box-wrapper\"><figure class=\"elementor-image-box-img\"><img decoding=\"async\" width=\"50\" height=\"49\" src=\"https:\/\/investmentlawyers.com\/cta\/wp-content\/uploads\/2024\/05\/jan-icon-1.jpg\" class=\"attachment-full size-full wp-image-1967\" alt=\"\" \/><\/figure><div class=\"elementor-image-box-content\"><p class=\"elementor-image-box-description\">Updated reports due within 30 calendar days after a <span style=\"color:#a71711\">change occurs.<\/span><\/p><\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-393ca95 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"393ca95\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a3fe79b\" data-id=\"a3fe79b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-015e529 elementor-widget elementor-widget-text-editor\" data-id=\"015e529\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If there is any change to the required information about your company or its beneficial owners in a BOI report that your company filed, your company must file an updated BOI report no later than 30 days after the date on which the change occurred. The same 30-day timeline applies to changes in information submitted by an individual in order to obtain a FinCEN identifier. A reporting company is not required to file an updated report for any changes to previously reported personal information about a company applicant.<\/p><p>The following are some examples of changes that would require an updated BOI report:<\/p><ul><li>Any change to the information reported for the reporting company, such as registering a new DBA.<\/li><li>A change in beneficial owners, such as a new Chief Executive Officer, a sale that changes who meets the ownership interest threshold of 25 percent, or the death of a beneficial owner.<\/li><\/ul><p><b>Note: <\/b>When a beneficial owner dies, resulting in changes to the reporting company\u2019s beneficial owners, report those changes within 30 days of when the deceased beneficial owner\u2019s estate is settled. The updated report should, to the extent appropriate, identify any new beneficial owners.<\/p><ul><li>Any change to a beneficial owner\u2019s name, address, or unique identifying number provided in a BOI report.<\/li><\/ul><p><b>Note:<\/b> If a beneficial owner obtained a new driver\u2019s license or other identifying document that includes the changed name, address, or identifying number, the reporting company also would have to file an updated beneficial ownership information report with FinCEN, including an image of the new identifying document.<\/p><p><b>Special rule:<\/b> Keep in mind the update requirement related to the special reporting rule for a minor child. When a beneficial owner that was a minor child reaches the age of majority, you must file an updated BOI report, identifying the individual as a beneficial owner and, if warranted, replacing their parent or legal guardian\u2019s information with their own.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82ac498 elementor-widget elementor-widget-heading\" data-id=\"82ac498\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\"><a name=\"6.2\"><\/a>6.2 What should I do if I learn of an inaccuracy in a report?<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bde34e5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bde34e5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b30116e\" data-id=\"b30116e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0b9a639 elementor-widget elementor-widget-text-editor\" data-id=\"0b9a639\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tIf an inaccuracy is identified in a BOI report that your company filed, your company must\ncorrect it no later than 30 days after the date your company became aware of the inaccuracy or\nhad reason to know of it. This includes any inaccuracy in the required information provided\nabout your company, its beneficial owners, or its company applicants. The same 30-day\ntimeline applies to inaccuracies in information submitted by an individual in order to obtain a\nFinCEN identifier.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0e1074b elementor-widget elementor-widget-text-editor\" data-id=\"0e1074b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><b><i>Note:<\/i><\/b> There are no penalties for filing an inaccurate BOI report provided it is corrected within 90 calendar days of when it was filed.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-56ab5cb elementor-widget elementor-widget-heading\" data-id=\"56ab5cb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\"><a name=\"6.3\"><\/a>6.3 What should my company do if it becomes exempt after\nalready filing a report? <\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ebb43ba elementor-widget elementor-widget-text-editor\" data-id=\"ebb43ba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If your company filed a BOI report and later qualifies for an exemption from the reporting requirements, your company should file an updated BOI report to indicate that it is newly exempt from the reporting requirements. Refer to section 1.2 of this Guide for information on exemptions<\/p><p>Updated BOI reports should be filed electronically though the secure filing system. An updated BOI report for a newly exempt entity will only require that: (1) the entity identify itself; and (2) check a box noting its newly exempt status.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>In addition to filing an initial BOI report, reporting companies must also update and correct information in their previously filed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/investmentlawyers.com\/cta\/wp-json\/wp\/v2\/pages\/3182"}],"collection":[{"href":"https:\/\/investmentlawyers.com\/cta\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/investmentlawyers.com\/cta\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/investmentlawyers.com\/cta\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentlawyers.com\/cta\/wp-json\/wp\/v2\/comments?post=3182"}],"version-history":[{"count":0,"href":"https:\/\/investmentlawyers.com\/cta\/wp-json\/wp\/v2\/pages\/3182\/revisions"}],"wp:attachment":[{"href":"https:\/\/investmentlawyers.com\/cta\/wp-json\/wp\/v2\/media?parent=3182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}