| Photo by 2h Media on Unsplash
NEW YORK – Due to an ongoing litigation and an injunction from a U.S. federal court, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) requiring businesses to file a Beneficial Ownership (BOI) report is suspended, the New York City Department of Small Business Services (SBS) has advised.
According to SBS, while the court order remains in effect, businesses are not currently required to file their BOI reports with FinCEN and will not be penalized for non-compliance.
RELATED: Mayor Adams, SBS Commissioner Gross remind business owners to file federal disclosure ownership info
However, businesses may still choose to submit their reports voluntarily and should consult with legal counsel regarding current obligations under the act. For the most up-to-date information on the fast-changing environment surrounding the CTA, SBS has advised visiting the Business site on the MyCity portal.
SBS has also advised consumers and businesses to be vigilant and cautious about protecting themselves from scams, fraud, and bad actors.
–With Jay Domingo/PDM
