Scammers are exploiting the new federal requirement to report beneficial ownership, targeting unsuspecting business owners and raking in millions of dollars.
Last updated on
June 4, 2025
The Corporate Transparency Act requires Small Business Owners to self-report who the owners of their business are FinCEN. This is a legitimate requirement that began January 1, 2024 to help stop terrorism financing and drugs coming into the United States. Like most new regulations it’s not a clean and easy path to roll out successfully the first year. You should know that:
Be on alert for these warning signs that you are being targeted.
Follow these steps to ensure safe BOI compliance:
If you encounter a BOI-related scam, Palm can help. We will
As BOI reporting requirements continue to roll out, scammers will likely increase their efforts to exploit small business owners. By staying informed and following these guidelines, you can protect your business while complying with legitimate reporting requirements. Palm is a verified FINCEN partner and is here to help you stay compliant AND Safe.
The BOI Update: What You Need to Know Now
BOI is now required for all small business owners with enforcement starting January 13,2024. The injunction has been lifted and businesses are required to file.