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The Corporate Transparency Act (CTA) requires that businesses file a Beneficial Ownership Information (BOI) report to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) by December 31, 2024.
Certain companies are now required to report information to the U.S. government about who ultimately owns or controls it, known as ‘Beneficial Ownership Information’.
Deadline: December 31, 2024. Completing the form is free.
Avoid Federal Fines and File for Free
Enacted to curb illicit finance, the Corporate Transparency Act (CTA) requires that businesses report information about the individuals who own or control them to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) by December 31, 2024. Any newly formed businesses must do the same within 90 days of being registered with the state.
Businesses will be fined for not registering the appropriate information. Completing the form is free. You do not need to pay to process this one-time filing for your business.
Be advised that businesses may be subject to civil penalties of $500+ for each day that they have not completed the filing requirement.
Informational Webinars in Multiple Languages
The NYC Department of Small Business Services (SBS) has partnered with the Legal Aid Society and Patterson Belknap to present a series of webinars for businesses owners to learn:
Companies formed prior to January 1, 2024, need to complete their submissions by the end of 2024, and we will be hosting at least one info session per month before the December 31, 2024, deadline.
Register for an upcoming webinar.
SBS has flyers in multiple languages* that provide an overview on the requirement and information about our upcoming webinars.
FinCEN has developed a compliance guide translated into 11 languages, along with other materials.
Please be aware that the Beneficial Ownership Information (BOI) reporting site is in English. SBS has translated* PDF versions of the reporting site (visit links).
