LONG ISLAND CITY, Queens (PIX11) -- The federal government held an outreach event for small business owners in Long Island City today at LaGuardia Community College. Congresswoman Nydia Velazquez held the event along with the U.S. Treasury Department. The bipartisan Corporate Transparency Act of 2021 says most small businesses must report key information to the [...]
LONG ISLAND CITY, Queens (PIX11) -- The federal government held an outreach event for small business owners in Long Island City today at LaGuardia Community College.
Congresswoman Nydia Velazquez held the event along with the U.S. Treasury Department.
The bipartisan Corporate Transparency Act of 2021 says most small businesses must report key information to the Treasury Department’s Financial Crimes Enforcement Network.
Congresswoman Nydia M. Velázquez who represents the 7th congressional district in Queens and Brooklyn said, “Every business has to register with FinCEN and provide basic information. name address and ID so we have a database of every legitimate small business in this country.”
The goal of the act is to prevent illicit financial activity.
FinCEN Deputy Director with the US Treasury Department Jimmy Kirby said, “A lot of money laundering, narcotics trafficking, human trafficking//shell companies are a key part of trying to launder money so this statute works to peel away the anonymity that attaches to those types of corporate structures to aid law enforcement to know whose behind those entities.”
Filings can be done online and are free.
The deadline to file for most companies is Jan 1.
Debbie-Ann Francis was there and said she is excited about her new journey as a small business owner. The Bronx piano teacher is planning to incorporate her piano lessons company, Sonata Studios, later this year.
That’s why she attended the information session. “Being here at this event taught me how important it is to be informed. Not just how to do the marketing but how to do the right thing by the law.”
Click here to find out if your business is subject to this filing requirement.
