Pop-Up BOI Mills Raise Concerns About Data Security

AAFCPAs would like to make clients aware of pop-up Business Owner Information (BOI) mills promising to assist with compliance filings. These filings aim to boost transparency by identifying individuals who own or control a business. The injunction against the Corporate Transparency Act remains in effect, and reporting companies are not required to file beneficial ownership information reports at this time; however, voluntary filings are still accepted. AAFCPAs would like to remind clients that transferring sensitive data to an unverified provider could expose you to significant risks.

Before engaging with any service provider, it is essential to verify their legitimacy. Look for established organizations that have a clear track record of compliance and expertise. Avoid vendors that pressure you to act quickly or provide incomplete details about their offerings.

Keep in mind that there are different levels of data security, and they are all equally important. It begins with you and how you store your data, how you transfer it to make it available to someone else, and how they store and protect your data.

This is also a good reminder to exercise caution with any service that requires your personal or organizational information. When selecting a compliance service, always verify their credentials and experience. Consider whether they are available year-round to address any issues that may arise after filing. Implementing robust vendor management practices can help in safeguarding your business. Trustworthy advisors will prioritize your data security and provide transparent guidance to meet your compliance needs.

How We Help

AAFCPAs puts more than 50 years of proven tax expertise to work for you, ensuring your sensitive business and financial information is managed with care and integrity. Our multi-disciplinary team, including CPAs, tax strategists, and CERTIFIED FINANCIAL PLANNER™ professionals, takes a holistic approach to tax compliance and planning. Our client-focused guidance is tailored to your unique goals, whether addressing complex business tax needs, navigating state and local tax requirements, or consulting on tax credit transactions. Additionally, our IT and cybersecurity solutions help identify and mitigate technology risks, safeguarding your data and protecting your organization from financial or reputational harm.

If you have questions, please contact Erica Nadeau, CPA, MST, Tax Partner at 774.512.4111 or enadeau@aafcpa.com, Vassilis Kontoglis, Partner, Analytics, Automation & IT Security at 774.512.4069 or vkontoglis@aafcpa.com—or your AAFCPAs Partner.