Need to Know
Corporate Transparency Act
The Corporate Transparency Act’s reporting requirement took effect January 1, 2024. This law requires corporations or limited liability companies (LLCs) with 20 or fewer employees and $5 million or less in gross annual revenues to report beneficial ownership information containing personally identifiable information of small business owners to FinCEN.
Fiber Installation
Gigabit fiber-optic cables are being installed throughout Hillsborough. The installations will bring more services and choices for those living and doing business in our community. Learn more about the projects being undertaken by private utility companies and what to expect as construction continues.
Check Washing Fraud
Small businesses are seeing the risk of check fraud scams:
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47% of businesses surveyed say check fraud is a big concern.
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65% of those experiencing check fraud in the past 12 months were faced with a check fraud of greater than $50,000.
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67% cite check washing as the fraud method used.
REDUCE YOUR RISK OF CHECK WASHING FRAUD
Replace mailing checks with electronic forms of payment:
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Business credit cards have EMV chips that encrypt transmitted information.
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Zelle, Venmo, PayPal, Apple Pay and other mobile payment apps are accepted by many businesses and service providers.
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Banking mobile apps allow you to pay bills and vendors.
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ACH Services are fast, making it ideal for repeating payments and larger, one-time funding needs.
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Your bank’s online bill pay service offers methods to pay routine expenses.
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Choose a pen with indelible or permanent black ink that can’t be removed through check washing.
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Give outgoing mail to the letter carrier or drop it off inside the post office to reduce vulnerability to mail theft. Criminals steal outgoing mail from collection points and blue postal boxes.
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Shred cancelled checks as soon as you’ve reconciled statements. Stolen checks pose a fraud risk whether they’re taken from your office or the mail.