Corporate Transparency Act Scam

Written By Mark Zietlow

Currently, there is a scam targeting business owners regarding the Corporate Transparency Act (CTA).  The scammer is sending a Notice called “2025 Corporate Transparency Act Requirement, Required by Federal Law.” The Notice warns that qualified businesses must file their Beneficial Ownership Information in 2025 with the Department of Treasury.

The scam scares business owners by saying if they fail to comply with the Corporate Transparency Act, there will be civil and criminal penalties.  Civil penalties include a daily $500 fine, up to a maximum of $10,000.  Criminal penalties include up to two years of imprisonment.

                Do not be intimidated by these threats. If you receive a letter or see an internet post claiming that you must file a BOI, the claim is probably false. You do not have to give out your personal information by filing beneficial ownership information (BOI) unless you are a foreign company.

The Treasury Department announced that it will not enforce penalties or fines on US citizens, domestic companies, or their owners, who choose not to file their BOI information. The Treasury Department desires to support all hard working industrious American businesses resulting in the ongoing growth of the American economy.

At Innovative Law Group, we value keeping our clients up to date on the latest policies, regulations and scams, in order for the business that we serve to thrive and prosper.  

 

Mark Zietlow

Mark has been practicing law for over a decade and has learned that wisdom is power. To live out what he believes, Mark has lectured on legal issues across the state of Michigan to help empower those around him to have a better understanding of the law. Mark served on the board of directors, advisory committees, and cabinets to share valuable information, as well as listening to his community. Mark Zietlow can offer experience and innovation for your business.

Next

Scammer Alert About Business Names