According to the 2016 Report to the Nations on Occupational Fraud and Abuse, the typical organization (corporations, governments, etc.) loses 5% of revenues annually because of fraud. This report by Certified Fraud Examiners believed that the total loss because of fraud in the U.S. was over $6.3 billion. These frauds include billing schemes, check-tampering schemes, and asset misappropriation (theft).
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.