Paar Melis & Associates, a company specializing in accounting services for auto repair shops, has released a statement warning businesses of notices they may receive about the new Corporate Transparency Act.
According to the company, several of its clients have been receiving emails telling them they need to register their business with the Financial Crimes Enforcement Network—or FinCEN—this year, or face fines of $500 or more.
These emails typically attempt to charge business owners a fee in exchange to have the form filed. However, it’s actually a process that takes just minutes and basic information, such as an EIN and a copy of your driver’s license.
For those needing to file the required forms, Paar Melis & Associates have provided a video tutorial guiding you through the process.
“There have been lots of questions surrounding this new requirement to file these reports. There is a lot of companies soliciting business owners to file this on their behalf for a fee, there is no reason to do that as its an easy DIY project that should take about 5 minutes,” the tutorial’s description stated.
