You received a letter, email, or phone call that seemed official. It mentioned Beneficial Ownership Information (BOI), had a short deadline, and a fee, and you paid because it sounded like just another government procedure. The BOI scam has deceived thousands of business owners in the United States, and if you were one of them, the first thing you need to know is this: there's nothing to be ashamed of, and there are concrete steps you can take today.
Why the BOI scam worked so well
The Corporate Transparency Act did exist, and for a time it did require companies to report their beneficial ownership information to FinCEN (the Financial Crimes Enforcement Network of the Treasury Department). Scammers took advantage of this real confusion: they used names similar to "FinCEN," invented forms like the fake "Form 4022" or "Form 5102," and some even impersonated a nonexistent "US Business Regulations Dept." The fear of a fine was enough to convince many to pay without verifying.
The fact that changes everything: FinCEN never charges for the BOI
This has never changed: FinCEN has never charged, nor does it charge today, any fee for filing the BOI directly on its website. If someone asked you for money, a credit card, a bank transfer, or any other form of payment to "complete" your report, it was a scam, without exception. They also never send correspondence asking you to click on a suspicious link or scan a QR code to "verify" your information.
The news that makes the scam even more absurd today
On August 11, 2026, FinCEN made permanent a rule exempting U.S. companies from filing a Bank Statement (BOI). As of August 14, 2026, companies incorporated in the United States—formerly known as "domestic reporting companies"—are no longer required to file a BOI, and their beneficial owners are also exempt. Those who already have a FinCEN ID do not need to update or correct it. Only companies incorporated under the laws of another country and registered to operate in a U.S. state remain subject to this requirement. In other words, if your LLC or corporation was formed here, and someone is still charging you for a BOI after August 2026, the red flag is clear.
You already paid: the three places to report it
Reporting it won't get your money back immediately, but it's the step that opens the door to a possible recovery and, above all, stops those who continue to charge the same lie to other businesses like yours.
- Federal Trade Commission (FTC): Submit your report at ReportFraud.ftc.gov. It's the channel specifically designed for this type of government imposter fraud.
- FBI — Internet Crime Complaint Center (IC3): If the contact was via email, text message, or a website, report it to ic3.gov.
- Office of the Inspector General of the Department of the Treasury: If the person who contacted you specifically impersonated FinCEN or a FinCEN employee, this office is the correct channel in addition to the FTC.
File all three reports as soon as possible. Each report helps authorities identify patterns and, in some cases, track down and arrest those operating these fraud networks.
How to protect yourself from the next letter
Although the August 2026 exemption significantly reduced the effectiveness of this scam, variations will continue to appear—perhaps with a different agency name or a fabricated form—because the model works. General guidelines for any letter claiming to be from the government: verify the sender on the agency's official website (never use the phone number or the link provided in the letter itself), be wary of any requests for immediate payment or sensitive information via mail or phone, and never feel pressured to make an immediate decision. A legitimate agency doesn't require you to act in five minutes.
FAQ
Can FINCEN fine me if I didn't report the BOI before the exemption?
No. The August 2026 exemption applies retroactively to companies formed in the United States: no penalties are being charged for not reporting the BOI while the obligation was in effect or afterward.
What if my company has a foreign partner?
The exemption applies to the type of entity, not the nationality of the owners. If your company was formed in the United States, it remains exempt even if it has foreign beneficiaries. Only companies formed abroad and registered to operate here are still required to report.
Can I get my money back?
It depends on the payment method and how quickly you act. If you paid by credit card, contact your bank to dispute the charge in addition to filing the three reports. The faster you report it, the better your chances.
How do I distinguish a real FinCEN letter from a fake one?
FinCEN never asks for payment, never threatens penalties by phone or mail, and does not have forms called "4022" or "5102". If in doubt, go directly to fincen.gov/boi and not to the link in the letter.
Should I continue using my FinCEN ID if I already had one?
Updating or correcting it is not mandatory, but you can keep it. It does not represent any additional risk or obligation.
What's next
If you've already filed the three required reports, the next step is simply to continue operating your business, knowing that unless you have a foreign partner or registration, the BOI is no longer mandatory for you. And if you're still unsure whether your structure—LLC, corporation, or partnership—puts you in a better position regarding these types of procedures, now is a good time to review it with someone familiar with your specific situation.
Request your free quote here and together we'll figure out what structure and procedures your business needs.
Fuentes: FinCEN — Beneficial Ownership Information Reporting · Federal Trade Commission — ReportFraud.ftc.gov · FBI — Internet Crime Complaint Center.
Read also: BOI scam: how to recognize fake FinCEN letters · BOI waiver: FinCEN frees US companies · LLC vs Corporation: which one is right for you in 2026 · How to open an LLC in the United States · Form 843: get back the penalty you already paid to the IRS.
