New York City Department of Small Business Services

23/10/2024 | Press release | Archived content

Press Note: SBS Ramps Up Outreach to Help Businesses Avoid Federal Fines, Unnecessary Fees as End of Year Deadline Nears for Corporate Transparency Act Filing

FOR IMMEDIATE RELEASE
October 23, 2024

PRESS NOTE: SBS RAMPS UP OUTREACH TO HELP BUSINESSES AVOID FEDERAL FINES, UNNECESSARY FEES AS END-OF-YEAR DEADLINE NEARS FOR CORPORATE
 TRANSPARENCY ACT FILING

NEW YORK - The New York City Department of Small Business Services (SBS) is ramping up its public outreach and education efforts surrounding the implementation of the federal Corporate Transparency Act. Most businesses need to file a Beneficial Ownership Information (BOI) report about the individuals who own or control them by December 31, 2024. Any newly formed businesses must do the same within 90 days of being registered with the state.

"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."

Completing the one-time filing form is free and easy. Businesses may be subject to civil penalties of $500+ for each day that they have not completed the filing requirement.

SBS will conduct at free online info sessions through the remainder 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

Those interested can register on Eventbrite here: on.nyc.gov/cta-webinar-series

SBS is asking our friends in the New York City press corps to join us and help protect New Yorkers from scams, fraud, and bad actors attempting to charge individuals to complete this free filing.

SBS Commissioner Dynishal Gross is available for interviews and additional comment.

MEDIA CONTACTS:
Joseph Jourdan - [email protected]
Sahiba Kaur - [email protected]