Archive February 2024

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5 Fast Facts on Beneficial Ownership Information Reporting

By Mike Smith
Principal at CLA Charlotte

Many businesses must soon report new beneficial ownership information (BOI) to the U.S. government. Our earlier article covered a high-level overview of BOI reporting requirements, and now we’re sharing important updates to help you clarify your responsibilities. Read on for five fast facts.


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TxDMV Fines Dealer for Temporary Tag Misuse

The Texas Department of Motor Vehicles (TxDMV) Enforcement Division staff recently filed an enforcement action against a dealer, alleging that he filed a false inventory tax statement, misused buyer’s temporary tags, and failed to comply with recordkeeping of buyer’s temporary tags. TxDMV was seeking a $12,000 civil penalty and wanted to revoke the respondent’s motor vehicle general distinguishing number license.

However, the Administrative Law Judge (ALJ) found that TxDMV staff proved only some, but not all, of the allegations. The ALJ recommended the Department impose a penalty of $11,100 against the dealer and did not recommend revocation.


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FTC Releases Alarming Fraud Data and Trends

The Federal Trade Commission (FTC) just released its 2023 Consumer Sentinel Network Data Book, revealing a rise in fraud affecting both consumers and businesses nationwide. As a trusted member of your community, you have the power to protect yourself and your customers from these deceptive tactics. The report highlights concerning trends, including a surge in imposter scams and online shopping fraud, with Texans losing millions in 2023 alone.


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