| Photo by Scott Graham on Unsplash
NEW YORK – The federal Corporate Transparency Act requires most businesses to file a Beneficial Ownership Information (BOI) report about the individuals who own or control them by December 31, 2024. With nearly two months to go, the New York City Department of Small Services (SBS) is ramping up its public outreach and education efforts surrounding its implementation.
“Businesses have an independent obligation to complete BOI filings, but that doesn’t mean they’re on they’re on their own,” said SBS Commissioner Dynishal Gross. “SBS is determined to support small businesses in understanding this new obligation and in coming into compliance without incurring costs or risking penalties. This moment demands education and action, not panic. With help from local media and community partners, SBS can help New York City businesses comply.”
According to SBS, completing the one-time filing form is free and easy. However, businesses may be subject to civil penalties of $500+ each day they have not completed the filing requirement.
SBS will conduct free online info sessions throughout the remainder of the year. Attendees will learn:
Which companies need to file
- The contents and timing of the filings
- The process of completing such filings
Info sessions are scheduled on the following days:
- Wednesday, November 6
- Wednesday, November 20
- Tuesday, December 4
- Tuesday, December 10
–With Jay Domingo/PDM
