Form 5102 Scam: What Small Business Owners Need to Know

May 07, 2026

Is Form 5102 legitimate? If you received a letter requesting a filing fee for beneficial ownership reporting, here’s what you need to know — and what to do right now.

What Happened?
Scammers are targeting small business owners with a fake “Form 5102,” exploiting confusion around a real 2024 law — the Corporate Transparency Act (CTA) — that requires most LLCs and corporations to report Beneficial Ownership Information (BOI) to FinCEN (Financial Crimes Enforcement Network).

These fraudulent letters look official. They reference real legislation, appear to come from fake agencies like “Annual Records Service” or “US Business Regulations Dept.,” and demand a filing fee — typically around $119 — threatening penalties for non-compliance.

The facts: Form 5102 is not a real government form. Those agencies don’t exist. And your actual BOI filing with FinCEN is completely free. The Treasury’s Office of Inspector General has confirmed this scheme and urges businesses to discard these forms immediately.

What Does This Mean for Me?
If you own an LLC or corporation, you’re squarely in the crosshairs of this scam. Here’s why it matters:

  • Your real BOI obligation still stands. Paying scammers does nothing to satisfy your actual FinCEN requirement — and penalties for missing the legitimate deadline can reach $500 per day.
  • Your business data is at risk. These fraudulent forms collect sensitive ownership information that can be used for identity theft.

Know the red flags:

  • Any request for payment related to BOI filing
  • Correspondence from “Annual Records Service” or “US Business Regulations Dept.”
  • Suspicious QR codes, links, or threats of immediate penalties
  • References to “Form 5102” or “Form 4022”

FinCEN does not send unsolicited mail, charge fees, or make initial contact by text or email requesting your business information.

Next Steps.

  • Don’t pay or respond. Discard the letter or delete the email immediately.
  • Report it to the Treasury’s Office of Inspector General here.
  • Confirm your real BOI filing status. Unsure if your business is compliant? Contact us — we’ll help you file correctly, for free, through FinCEN’s official system.

When in doubt about any compliance notice, call your CPA before taking action. We’re here to protect you.

As always, if you have questions or concerns, please reach out to your William Vaughan Company advisor.

Categories: Tax Compliance