How to File BOI Report in New York – Ultimate Guide (2024)


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How to file a BOI Report in New York: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In New York, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

New York, also known as The Empire State, has a population of 20,448,194. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in New York

What is Beneficial Ownership in New York?

Beneficial ownership in New York entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In New York, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in New York but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in New York.

BOI Reporting Companies (Entities) in New York

Not every company, located in New York, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Exempted Entities

However, it is important to note that there are certain entities in New York that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under New York SOS.
  • Large entities (more than 20 employees with $5M revenue)
  • Tax-exempt organizations
  • Inactive entities meeting specific criteria
  • Subsidiaries of exempt entities
  • Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment companies or investment advisers
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
  • Financial market utility
  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in New York?

In New York, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in New York has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in New York

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Online BOI Report Filing in New York

  • Step 1: For online filing, reporting companies in New York are required to visit the FinCEN BOIR e-filing page.
  • Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • Step 3: For the fresh filing, select Initial Report and click NEXT.
  • Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Step 7: Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in New York

  • Step 1: For offline filing, visit the FinCEN BOI Report filing page
  • Step 2: Download the PDF form from the ‘Prepare BOIR’ option
  • Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Step 4: Save the form on your device.
  • Step 5: Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
  • Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • Step 7: On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.
BOI offline filing

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in New York and the rest of the United States. All the LLCs in New York, Corporations, and other types of businesses registered under New York Secretary of State will have to file the report within the given time.

  • Entities in New York incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in New York incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with New York SOS or similar authority.
  • Entities in New York incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with New York SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

  • The Civil Penalty for missing the deadline in New York is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in New York is $10,000
  • Continuing violating rules and non-compliance in New York can lead to 2 years imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in New York.

BOI Reporting Required Information in New York

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in New York. The compulsory information to be given in respect of each beneficial owner includes:

business requirement
  • Reporting Company legal name
  • Alternative or DBA Name (if any)
  • Tax Identification type
  • Country/Jurisdiction of Formation
  • Address (number, street, and apt. or suite no.)
  • Individual’s Full Legal Name
  • Date of birth
  • Current Address
  • Identifying document (Type, Number, Issuing Jurisdiction, Image)
  • Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in New York aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

  • Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
  • Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
  • This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in New York must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

  • Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
  • Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
  • Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in New York

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

  • Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
  • Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
  • Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
  • Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

business
  • Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in New York since bad actors cannot hide behind complex corporate structures.
  • Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
  • Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in New York or forming a corporation in New York can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in New York.

State Specific Data: New York

Capital and Incorporation

  • The capital of New York is Albany.
  • The population of New York: 20,448,194
  • The Annual GDP of New York: 2,070,558
  • Incorporation in New York can be done through various methods including online and offline. For more details, visit New York Secretary of State.
  • Incorporation Method in New York (Online): Create an account/Log in to the SOS site, get the online form, fill it, and submit online
  • Incorporation Method in New York (Offline): Send the form by mail to Department of State Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Ave., Albany, NY 12231.

Filing Fees

  • LLC Initial Filing Fee: $200 (by mail and online)
  • LLC Amendment Fees: $60
  • Annual Fee: $4.50
  • DBA Filing Fee: $25
  • Incorporation Fee: $125 for filing online, or by mail
  • Registered Agent Change Fee: $30
  • Corporate Amendment Fee: $60

Important Offices

  • State Tax Office: New York State Department of Taxation and Finance
  • State Insurance Office: New York State Department of Financial Services
  • Secretary of State Address: Department of State Division of Corporations, State Records and Uniform Commercial Code, One Commerce Plaza, 99 Washington Ave., Albany, NY 12231
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​
  • Filing Method for DBA: two methods, by mail and in person.
  • Filing Fee for DBA: $25
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline, you must send the accomplished DBA filing form to the County Clerk’s Office in the county where your business is located. Addresses vary by county.

By staying compliant with the BOI reporting requirements and leveraging the resources available in New York, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a BOI report in New York?
To file a BOI report in New York, you must visit the Department of Financial Services website and follow the instructions provided.
Is it mandatory to file a BOI report in New York?
Yes, filing a BOI report in New York is mandatory for certain financial institutions.
When is the deadline for filing a BOI report in New York?
The deadline for filing a BOI report in New York is typically within a specific time frame after the end of the fiscal year.
What information is required to file a BOI report in New York?
To file a BOI report in New York, you will need to provide information about your institution’s financial activities, assets, and liabilities.
Are there any penalties for failing to file a BOI report in New York?
Yes, there may be penalties for failing to file a BOI report in New York, including fines and potential legal ramifications.
Can I file a BOI report in New York online?
Yes, you can file a BOI report in New York online through the Department of Financial Services website.
How long does it usually take to complete a BOI report in New York?
The time it takes to complete a BOI report in New York can vary depending on the size and complexity of your institution.
Who is required to file a BOI report in New York?
Financial institutions such as banks, credit unions, and insurance companies are typically required to file a BOI report in New York.
Where can I get help with filing a BOI report in New York?
You can get help with filing a BOI report in New York by contacting the Department of Financial Services or seeking assistance from a financial professional.
What are the benefits of filing a BOI report in New York?
Filing a BOI report in New York can help maintain transparency and accountability within the financial industry, as well as provide regulators with crucial information for oversight.
How often do I need to file a BOI report in New York?
The frequency of filing a BOI report in New York can vary, but it is typically an annual requirement for most financial institutions.
Can I request an extension for filing a BOI report in New York?
Yes, you may be able to request an extension for filing a BOI report in New York under certain circumstances, but it is always best to file on time if possible.
What happens if my BOI report in New York contains errors?
If your BOI report in New York contains errors, you may need to make corrections and resubmit the report to ensure accuracy.
Are there any resources available to help me understand how to file a BOI report in New York?
Yes, the Department of Financial Services website offers resources and guidance for filing a BOI report in New York, including instructions and frequently asked questions.
Will filing a BOI report in New York affect my institution’s credit rating?
Filing a BOI report in New York will not directly affect your institution’s credit rating, but compliance with reporting requirements can reflect positively on your financial reputation.
Can a third party file a BOI report on behalf of my institution in New York?
In most cases, only authorized representatives of the institution are permitted to file a BOI report on its behalf in New York.
How can I ensure the security of my institution’s information when filing a BOI report in New York?
It is crucial to use secure and encrypted methods when filing a BOI report in New York to protect your institution’s sensitive information.
What steps should I take if I suspect fraudulent activity related to my institution’s BOI report in New York?
If you suspect fraudulent activity related to your institution’s BOI report in New York, you should report it immediately to the appropriate authorities.
Can I make changes to my BOI report after it has been submitted in New York?
Depending on the circumstances, you may be able to make changes to your BOI report after it has been submitted in New York, but it is best to review and verify all information before filing.
Does filing a BOI report in New York require any fees or payments?
Filing a BOI report in New York typically does not require any fees or payments, but there may be penalties for non-compliance with reporting requirements.
Are there any exemptions for certain financial institutions to file a BOI report in New York?
Some smaller financial institutions or those with limited assets may be exempt from filing a BOI report in New York, but it is essential to check with regulators to confirm eligibility.
What should I do if I am unsure about how to complete certain sections of my BOI report in New York?
If you are unsure about how to complete certain sections of your BOI report in New York, you can seek guidance from the Department of Financial Services or consult with a financial professional.
How can I track the status of my institution’s BOI report in New York?
You can track the status of your institution’s BOI report in New York by logging into the Department of Financial Services website and checking for updates on your submission.
Can I submit additional documentation with my BOI report in New York to provide more context or information?
Yes, you may be able to submit additional documentation with your BOI report in New York to provide more context or information, but be sure to follow specific guidelines for supplemental materials.
Is there a helpline or customer service hotline available to assist with filing a BOI report in New York?
Yes, there is typically a helpline or customer service hotline available to assist with filing a BOI report in New York, so do not hesitate to reach out if you need help.
What is the best way to ensure that my institution’s BOI report in New York is accurate and complete?
To ensure that your institution’s BOI report in New York is accurate and complete, carefully review all information before filing, and consider seeking feedback from knowledgeable individuals.
How soon should I begin preparing to file my institution’s BOI report in New York?
It is recommended to begin preparing to file your institution’s BOI report in New York well in advance of the deadline to allow sufficient time for gathering information and completing the report.
Can I review previous BOI reports filed by my institution in New York for reference or comparison?
Yes, you should be able to review previous BOI reports filed by your institution in New York for reference or comparison purposes, which can help ensure consistency and accuracy in reporting over time.
Are there any training sessions or workshops available to help me understand the filing process for a BOI report in New York?
Yes, there may be training sessions or workshops available to help you understand the filing process for a BOI report in New York, so check for opportunities to enhance your knowledge and skills in this area.
Do I need to have a New York address to file a BOI report in New York?
No, you do not need a New York address to file a BOI report in New York.
Can I file a BOI report in New York if I reside in another state?
Yes, you can file a BOI report in New York even if you reside in another state.
How long do I have to file a BOI report in New York after an incident?
You should file a BOI report in New York within 30 days of the incident occurring.
What information do I need to provide when filing a BOI report in New York?
You will need to provide details about the incident, including date, time, and location.
Can I file a BOI report in New York anonymously?
No, you cannot file a BOI report in New York anonymously.
Is there a fee to file a BOI report in New York?
No, there is no fee to file a BOI report in New York.
How do I follow up on a BOI report in New York?
You can follow up on a BOI report in New York by contacting the BOI office.
Can I appeal the findings of a BOI report in New York?
Yes, you can appeal the findings of a BOI report in New York.
How long does it take to receive a response to a BOI report in New York?
It typically takes 30-60 days to receive a response to a BOI report in New York.
What happens if I do not file a BOI report in New York?
If you do not file a BOI report in New York, it may be more difficult to pursue legal action.
Can I file a BOI report in New York for a workplace incident?
Yes, you can file a BOI report in New York for a workplace incident.
Will filing a BOI report in New York protect my rights?
Filing a BOI report in New York can help protect your rights and ensure a thorough investigation.
What should I do if I need assistance filing a BOI report in New York?
You can seek assistance from an attorney or advocate to help you file a BOI report in New York.
Are there any time limits for filing a BOI report in New York?
It is recommended to file a BOI report in New York as soon as possible after an incident.
Can I file a BOI report in New York on behalf of someone else?
Yes, you can file a BOI report in New York on behalf of someone else with their consent.
How do I know if my BOI report in New York has been received?
You should receive confirmation of receipt when you file a BOI report in New York.
Can I file a BOI report in New York if the incident occurred outside of the state?
No, you should file a BOI report in the state where the incident occurred.
What should I do if I am not satisfied with the response to my BOI report in New York?
You can request a review or appeal of the findings if you are not satisfied with the response to your BOI report in New York.
Can I file a BOI report in New York for discrimination or harassment?
Yes, you can file a BOI report in New York for discrimination or harassment.
Is there a limit to the number of BOI reports I can file in New York?
There is no limit to the number of BOI reports you can file in New York.
How do I request a copy of my BOI report in New York?
You can request a copy of your BOI report in New York by contacting the BOI office.
Can I file a BOI report in New York for a civil rights violation?
Yes, you can file a BOI report in New York for a civil rights violation.
Can I file a BOI report in New York for police misconduct?
Yes, you can file a BOI report in New York for police misconduct.
What should I do if I receive a letter requesting additional information for my BOI report in New York?
You should promptly provide the requested information to ensure a thorough investigation of your BOI report in New York.
Can I file a BOI report in New York for a hate crime?
Yes, you can file a BOI report in New York for a hate crime.
Can I file a BOI report in New York for a violation of human rights?
Yes, you can file a BOI report in New York for a violation of human rights.

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In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in New York, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In New York, the companies must understand the obligations to comply with the rules.

In New York, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

  • Identifying beneficial owners from their control or ownership interests over the entity.
  • Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
  • Timely filing of the initial reports and updating the reports in case of changes.
  • When required, involve reputable third-party service providers to assist in the filing process.
  • Ensure compliance with relevant penalties for non –compliance.
  • Deal with practical challenges and legal issues related to BOI reporting.
  • Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.

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