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New BOI Reporting Requirements Creating New Fraud Opportunities
Thursday, February 1, 2024

Authored by Lisa M. Rammes, Esq.

On January 1, 2024, the new Beneficial Ownership Information (BOI) reporting requirements adopted by the Financial Crimes Enforcement Network (FinCEN) went into effect. Less than a month later, business owners are already receiving communication from third parties trying to collect a fee and gather information regarding the business and its owners. SSP is providing this caution to ensure that business owners do not fall prey to what appears to be a fraudulent scheme.

Under the Corporate Transparency Act, Congress tasked FinCEN with collecting information regarding a business and its beneficial owners through the filing of a beneficial ownership information (BOI) report. Such report requires a business owner to disclose information regarding their business and its “Beneficial Owners.”  In an earlier blog, SSP has provided information regarding such reporting requirements:

Within the last few weeks, SSP has learned that some business owners are receiving forms in the mail and/or via email that purport to fulfill this reporting obligation and which seek to collect a fee. Please be cautious of any form you might receive which purports to be a governmental form or offers to collect your personal information and file a BOI report for you; especially if the form indicates that there is a filing fee associated with the filing of the BOI report— because this simply is inaccurate.

If you receive a purported BOI form, SSP cautions you against completing such form and/or submitting a fee without verifying the source of the form and confirming that the completion of the form satisfies your obligations under the BOI Rules. SSP has been assisting clients in the filing of BOI reports and can assist you in evaluating what steps you need to take to comply with the new obligations.

If you have any questions regarding your BOI reporting requirements, please feel free to contact our office with any questions or concerns you may have.

Advertisement Only. Content in this blog was accurate and researched as of the date published. This article is provided for informational and educational purposes only and should not be considered legal advice. It does not create an attorney-client relationship between SSP and the reader. Readers are encouraged to seek legal advice from their own legal counsel.


Blog Categories

  • The SSP Firm Blog
    • 04/25/2024 - FTC’s Final Rule Banning Non-C
    • 02/01/2024 - New BOI Reporting Requirements
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