Have you gotten a letter in your mail box titled US Records Management Division of Corporate Reporting? Does it say you’ve to pay $119 to file your Beneficial Ownership statement or face a penalty of $500 daily?
Beware! This is a corporate scam targeting business owners. It’s not from the right source nor is the content legit or really genuine.
As a new business owner, you’re mandated to file your BOI – Beneficial Ownership Information – to FinCEN within 90 days. However, filing this information is totally free of charge and not $119 annually as stated on the letter. Also, FinCEN does not send people letters about BOI reporting compliance.
Unmasking The US Records Management Scam Letter
First things first, there’s no department in the United States called ‘US Records Management Division of Corporate Reporting’. The official department in charge of beneficial ownership information reporting is FinCEN.
Secondly, the mailing address on the enclosed envelope is 5043 Graves Avenue Suite H in San Jose. When we looked up this address, we found out it is that of an eye lash company in a strip mall in San Jose
Thirdly, there’s no telephone number or website written on the letter. No legit government notice would be empty of means of contact. This itself, is a huge red flag.
Meanwhile, this scam is charging a hefty fee of $119 annually for services you can do free of charge. There’s also a likelihood that after taking money from you they wouldn’t file the report.
What information is needed for BOI?
Information needed for BOI are identifying data about the individuals who directly or indirectly own or control a company. This is needed in order to curb bad actors who hide or benefit from ill-gotten wealth through shell companies or other opaque ownership structures.
This information includes –
- A name, address, birth date, and a unique ID number for each beneficial owner* (includes those that own 25% or more of a company either directly or indirectly.) The unique ID number could be a driver’s license number or passport number. Social security numbers aren’t accepted all the time.
- A name, address, registered agent, and tax ID number for the business
- Type of BOI filing (initial filing, correction, or update)
- Information about company applicants for newly created businesses.
How to file Beneficial Ownership Information Reporting online
Filing your BOI is relatively simple and don’t take more than 10 minutes. Below are steps to take;
- Visit boiefiling.fincen.gov
- Click on the blue square box that says ‘File BOIR’
- Choose between the two filing method that works for you. Either PDF or Online. (Note you need an Adobe Reader to file via PDF)
Bottom Line
The letter from ‘US Records Management Division of Corporate Reporting’ is not legit. It is not from the department in charge of BOI reporting, and they’re not affiliated with the government. Meanwhile, their services come at a horrendous cost which is something business owners can do for free, in less than 10 minutes.
As a result of this, we classify this a scam and potential threat to business owners.
See similar scam – Fincen Alliance Scam BOI Reporting