We want to bring to your attention a new scam regarding the Beneficial Ownership Information (BOI) reporting. Companies are receiving a notice with a blank Form 5102 with a request to complete it and pay a filing fee. Please be aware that this request may be a scam. If you receive this notice, we advise that you do not follow the instructions or make any payments.

What is BOI Reporting?
The Corporate Transparency Act (CTA), signed into law on 1/1/21, expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the U.S. Beginning in 2024, many small businesses will be required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), through a secure filing system on that website, creating a database for national security and law enforcement agencies to prevent the use of shell companies for criminal activity.

If you have any questions about the requirements for BOI reporting, our BOI team is happy to help. They can be reached at boi@sjhl.com.