BOI/FinCEN reporting: facts and fiction

We talked before about CTA/BOI/FinCEN.
Today we’ll talk about facts and fiction circulating around this topic


FACTS
The new tax law makes reporting mandatory for many business owners.
Now we have some new developments

On March 1, 2024, a federal district court in Alabama declared that the new law is exceeding the Constitution’s limits on Congress’s power.

We will see how this develops.
And if it’s “catching on” nationwide.

FICTION — in this case SCAMS
Scammers are busy again — targeting individuals and entities
This time they are using this new law (BOI reporting to FinCEN).

Even though 2024 is the first year of required reporting scammers are on top of it.
They’re sending letters out requiring payment.
Letters appear to be sent by FinCEN or other government agency.

IMPORTANT
There is NO fee required for filing BOI with FinCEN.

If you get these letters DO NOT give them any money.

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Mariana Fieraru
Mariana Fieraru, an Eastern European transplant, fell in love with her new home shortly after landing in New York. She "discovered" pizza! Years later she still loves pizza. And so do her two feathered-kids, Sunny and Flipper

Mariana worked on both, the east and the west coast.
Big or small, each project she worked on helped define the importance of gaining and sustaining a competitive edge in an increasingly complex business environment.

Business know-how, love of teaching and writing – all combined in 2006 to form OBI.
Its mission: to make learning fun! And easy.

Through its training, consulting, and publications OBI builds bridges of knowledge to take you from where you are to
where you want to go. Using a mix of serious, informal, analytical, and optimistic approach, OBI truly makes learning fun.

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