Frost Law
In the wake of the Corporate Transparency Act (“CTA”), which requires a wide array of entities to disclose information regarding their beneficial owners and company applicants, many business owners are just learning of Beneficial Ownership Information (“BOI”) reporting requirements. As usual, with new government programs comes new scams.
Many business owners have reported receiving a “Form 4022” which states the business owner must complete the Mandatory Beneficial Ownership Reporting and mail the completed form, along with a $117 payment, to the “US Business Regulations Dept.” Unfortunately for unwary business owners, this is not a legitimate government entity, and completion of “Form 4022” will not effectuate compliance with BOI reporting requirements.
While many uncertainties remain surrounding BOI reporting, one thing is set in stone—reports are not submitted by mail and the government does not mail forms to complete the report. If you received “Form 4022” or any similar mail attempting to elicit your money and beneficial ownership information, discard it immediately. BOI reporting is done solely through the Financial Crimes Enforcement Network (“FinCEN”) website, fincen.gov, utilizing their BOI E-Filing System by either the business owner or their authorized representative.
Frost Law attorneys have years of experience in business regulations and compliance. If you are unsure whether your business is required to complete a BOI report or need assistance completing your report, don't hesitate to reach out to us at (410) 497-5947 or schedule a confidential consultation with our team of attorneys.
In the wake of the Corporate Transparency Act (“CTA”), which requires a wide array of entities to disclose information regarding their beneficial owners and company applicants, many business owners are just learning of Beneficial Ownership Information (“BOI”) reporting requirements. As usual, with new government programs comes new scams.
Many business owners have reported receiving a “Form 4022” which states the business owner must complete the Mandatory Beneficial Ownership Reporting and mail the completed form, along with a $117 payment, to the “US Business Regulations Dept.” Unfortunately for unwary business owners, this is not a legitimate government entity, and completion of “Form 4022” will not effectuate compliance with BOI reporting requirements.
While many uncertainties remain surrounding BOI reporting, one thing is set in stone—reports are not submitted by mail and the government does not mail forms to complete the report. If you received “Form 4022” or any similar mail attempting to elicit your money and beneficial ownership information, discard it immediately. BOI reporting is done solely through the Financial Crimes Enforcement Network (“FinCEN”) website, fincen.gov, utilizing their BOI E-Filing System by either the business owner or their authorized representative.
Frost Law attorneys have years of experience in business regulations and compliance. If you are unsure whether your business is required to complete a BOI report or need assistance completing your report, don't hesitate to reach out to us at (410) 497-5947 or schedule a confidential consultation with our team of attorneys.
