City Hosted an Immigrant Media Roundtable to Help Immigrant Businesses Avoid Federal Fines and Unnecessary Fees as the End-of-Year Deadline Nears

For Immediate Release: December 10, 2024
Contact: Shaina Coronel, scoronel@cityhall.nyc.gov

New York –The NYC Department of Small Business Services (SBS) and the Mayor's Office of Immigrant Affairs (MOIA) hosted an Immigrant Media roundtable to answer questions from community and ethnic media and provided multilingual resources to share with the public surrounding an upcoming deadline for a federal business filing requirement known as the Corporate Transparency Act (CTA). 

The federal law requires U.S. corporations and LLCs to disclose ownership information to the U.S. Department of Treasury. Under the new federal guidelines, most businesses will need to file a Beneficial Ownership Information Report about the individuals who own or control them by December 31, 2024, and newly formed businesses must do the same within 90-days of being registered. Eligible businesses and entrepreneurs that fail to comply with the new federal guidelines may be subject to civil penalties of more than $500 for each day that they have not completed the filing requirement by the federal government.

While compliance with the CTA is fast, free, and easy, several third-party actors have been advertising services charging upwards of $1,000 to file Beneficial Ownership Information forms. SBS will continue to host webinars through the end of 2024, including two in conjunction with the United States Department of Treasury. Those interested can register on Eventbrite. 

The roundtable provided information, resources in multiple languages, and direct services that address the needs of small business owners, entrepreneurs, and jobseekers, including an upcoming Jobs NYC Hiring Hall in Manhattan on Thursday, December 12.

On December 3rd, 2024, a Texas court issued a nation-wide injunction blocking the Corporate Transparency Act (CTA). For now, the December 31, 2024, filing deadline is delayed.  SBS is closely monitoring these changes by staying in close contact with the U.S. Treasury Department and will share any updates with the business community in NYC as soon as possible. At this time, the City encourages businesses to hold off on registering their beneficial ownership information.  If you have any questions, New Yorkers can reach out to the SBS hotline by calling 888-SBS-4NYC (888-727-4692).

"Since day one, our administration has prioritized cutting red tape for small businesses and helped them better navigate regulations at all levels of government, and, as a result, we've created more small businesses than at any time in our city's history," said Mayor Adams. "Educating small businesses about the Corporate Transparency Act is fundamental to making sure small businesses avoid unnecessary fines and continue to power New York City's recovery, unhampered. This outreach is a great way to provide substantial support to small businesses in advance of 'Small Business Saturday' and a busy holiday season and has already helped us potentially save 39,000 businesses $19.5 million each day in federal fines." 

"SBS is here to ensure that small businesses across the city can grow, thrive, and reach their full potential," said SBS Commissioner Gross. "We know that small business owners want to be compliant with the law. Our education and compliance specialists help entrepreneurs across New York City save time and money while avoiding fines, fees, and scams. Beneficial Ownership Information reporting is fast, free, and easy — and so are our informational webinars."   

"NYC is proud to lead a multilingual campaign highlighting the process for all business owners to complete the federal forms mandated by The Corporate Transparency Act," said MOIA Commissioner Manuel Castro. "Immigrant communities are the backbone of NYC's economy and need our support now more than ever. I want to thank SBS and Commissioner Dynishal Gross for taking the initiative to coordinate with our office and help get the word out."