- Beware of BOI Scam – We want to bring to your attention a new scam regarding BOI reporting. If you receive a notice with a blank Form 5102 requesting you to complete and pay a filing fee, please be aware that this request may be a scam. If you receive this notice, we advise that you do not follow the instructions or make any payments. Compliance with BOI can only be accomplished by filing through FinCEN’s website.
- Members of Congress Request Delay in BOI Reporting Requirements – A letter addressed to the U.S. Department of the Treasury expressed concern over the complexity of the Corporate Transparency Act’s (CTA) BOI reporting rules. Lawmakers believe that many small businesses are unaware of the BOI rules and could face harsh fines and penalties for noncompliance. Even though BOI reporting under the CTA began on 1/1/24, FinCEN has only received 10% of the required submissions. The current due date to comply with the CTA’s reporting rules is 1/1/25, which is an unrealistically short window to educate the small-business community, according to Congress. While no delay in reporting has be granted at this point, we will continue to monitor developments and communicate any further updates to you regarding BOI.
If you have any questions in the meantime, please do not hesitate to contact us.
