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Brian J. Kahle

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Fraud Alert: Corporate Transparency Act Scams

In an era where digital transactions have become the norm, the threat of scams has significantly escalated. It’s crucial to stay vigilant and informed.

Recently, small business owners across the nation have encountered a new scam involving “Form 4022” purportedly from the non-existent “United States Business Regulation Department.” This scam, which exploits the newly effective Corporate Transparency Act (CTA), demands a fee of $117 under the threat of severe penalties. Importantly, there is no “Form 4022,” “Business Regulation Department,” or filing fee associated with the CTA. Business owners are advised not to respond to these fraudulent requests, as doing so could lead to identity theft or worse, such as unauthorized credit opened in their business’s name or of a Beneficial Owner.

The CTA requires Reporting Companies to file a Beneficial Ownership Information Report (BOI Report) with the Financial Crimes Enforcement Network (FinCEN). This includes information on the company’s beneficial owners and company applicants. Companies formed before January 1, 2024, have until January 1, 2025, to file their BOI requirements and avoid falling victim to scams that misrepresent these obligations.

The Financial Crimes Enforcement Network (FinCEN) has highlighted the increase in fraudulent activities, emphasizing the importance of being aware and taking proactive measures to protect yourself and your assets. For detailed guidance on recognizing suspicious activities, and to ensure you’re equipped with the latest information to defend themselves against these threats, visit Fin CEN’s official page on BOI reporting.

For more detailed information from Tucker Arensberg attorneys on the Corporate Transparency Act, click here. If you’d like to consult with our firm to help you with these new requirements under the CTA, please contact one of the members of our Corporate Transparency Act Committee: Brian Kahle at bkahle@tuckerlaw.comSteve Bovan at sbovan@tuckerlaw.comEvan Pappas at epappas@tuckerlaw.com, Jennifer Bittel Derby at jderby@tuckerlaw.com, Brandon O’Connor at boconnor@tuckerlaw.com, or Matthew Christoph at mchristoph@tuckerlaw.com.

April 10, 2024

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