Unfortunately, there are always people out there looking for new ways to steal our personal information. The latest scam? Sending ominous warnings that personal information must be filed immediately with bogus or non-existent entities pursuant to the Corporate Transparency Act.
There have been many alerts that have indicated that the Corporate Transparency Act (the "CTA") will require many corporations, limited liability companies, and similar entities, to file information with the United States Department of the Treasury Financial Crimes Enforcement Network ("FinCEN"). The CTA was enacted to assist the government to identify terrorists, drug dealers, and other illicit operators who hide behind a maze of entities to launder money and shield other bad actions.
However, be warned that neither FinCEN nor any other governmental agency is sending demands for personal information. All filings required by the CTA will only be made online at a secure website to be established by FinCEN and no filings will be required prior to January 1, 2024.
What to do?
If you or your client received a letter or email demanding information DO NOT REPLY. You can either delete the message or forward it to the Better Business Bureau Scam Bureau at bbb.org/scamtracker and then delete it. In addition to alerts from the Better Business Bureau, FinCEN has posted an alert at its website, https://www.fincen.gov/boi. The FinCEN website includes links to the CTA and FinCEN regulations as well as materials to assist small businesses in understanding and complying with their obligations under the CTA.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
