ADA Alert: Compliance with Corporate Transparency Act Flags Security Warning for Small Businesses
The Financial Crimes Enforcement Network has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.
The Corporate Transparency Act requires dental practices and certain businesses that meet specific requirements to report information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network about their ownership.
The Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports on Jan. 1, and all existing dental practices and companies that meet the requirements have one year to file before facing penalties.
FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests to individuals or small businesses. Please do not respond to these fraudulent messages or click on any links or scan any QR codes within them.
To ensure the security of your information, please visit fincen.gov/boi to file a report, view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report. FinCEN’s Small Entity Compliance Guide walks small businesses through the requirements. The ADA also created a FAQ document to help dentists with questions.
The ADA will continue to educate its members about the reporting requirements and will continue to ask that Congress delay the deadline for when owners are required to fill out the beneficial owner forms.
The Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports on Jan. 1, and all existing dental practices and companies that meet the requirements have one year to file before facing penalties.
FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests to individuals or small businesses. Please do not respond to these fraudulent messages or click on any links or scan any QR codes within them.
To ensure the security of your information, please visit fincen.gov/boi to file a report, view informational videos and webinars, find answers to frequently asked questions, connect to the contact center and learn more about how to report. FinCEN’s Small Entity Compliance Guide walks small businesses through the requirements. The ADA also created a FAQ document to help dentists with questions.
The ADA will continue to educate its members about the reporting requirements and will continue to ask that Congress delay the deadline for when owners are required to fill out the beneficial owner forms.
