The deadline to file your Beneficial Ownership Information (BOI) report under the Corporate Transparency Act (CTA) is rapidly approaching. Effective January 1, 2024, this federal mandate applies to most U.S. companies and represents a pivotal measure to enhance financial transparency and combat financial crimes such as money laundering and tax evasion.

If your company has not yet completed its filing, the final date to comply is December 31, 2024.

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Filing Requirements Overview

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Who Must File the Corporate Transparency Act BOI Report?

• Required: Most U.S.-based corporations, LLCs, and foreign entities registered to do business in the United States.
• Exempt: Certain large or regulated entities, including publicly traded companies and certain nonprofit organizations.

What Information Must Be Reported?

1. Beneficial Owners
   • Individuals owning 25% or more of the entity.
   • Those with substantial decision-making authority, such as executives.
2. Company Applicants (for entities formed after January 1, 2024):
   • Individuals who filed or were responsible for registering the entity.
3. Information to Provide:
   • Full name, date of birth, residential address, and a valid government-issued ID.

Key Deadlines for Corporate Transparency Act BOI Compliance

• Entities Formed Before 2024: File by January 1, 2025.
• Entities Formed in 2024: File within 90 days of formation.
• Entities Formed After January 1, 2025: File within 30 days of formation.

Penalties for Non-Compliance

• Civil Penalties: $500 per day for late or inaccurate filings.
• Criminal Penalties: Fines up to $10,000 or imprisonment for up to two years for willful violations.

Why This Matters

Failure to comply may result in significant fines, reputational harm, and operational disruptions. Filing is not merely a legal obligation—it is essential to protecting your business.

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Act Now to Ensure Compliance

With the January 1, 2025 deadline approaching, it’s crucial to take action now. Safeguard your business, avoid penalties, and maintain peace of mind.
If you would like to discuss this information further or need assistance with the filing, please contact the attorney responsible for your account, or reach us through the following methods:

Email: contact@junwanglaw.com
Phone:212-679-9700

For more information in Chinese, please visit here.

Dear Valued Clients and Partners,

We are excited to announce that Super Lawyers has once again recognized Jun Wang & Associates, P.C. for Super Lawyers 2024, showcasing our continued excellence in real estate, business and corporate law, and business immigration. This recognition marks another year of distinction, reinforcing our commitment to providing exceptional legal services to a diverse clientele, including global corporations, high-net-worth individuals, small businesses, entrepreneurs, and property owners.

Super Lawyers has honored our managing partner, Karine K. Wang, as a Top Rated Super Lawyer for the second consecutive year, following her 2023 recognition. Her recognition as a Top Rated Business and Corporate Attorney in New York highlights her outstanding qualifications and unwavering dedication to excellence in the legal profession. Super Lawyers’ New York Metro Top Women 2024 list has featured her, recognizing her exceptional achievements.

Yan Fu, a partner specializing in real estate law, has once again earned the Rising Star title for 2024, continuing her streak of accolades since 2021. Super Lawyers has recognized her as a Top Rated Real Estate Attorney, and major projects such as Brooklyn Point, 25 Broad Street-The Broad Exchange Building, and Tangram South have appointed her as the preferred Purchaser Attorney.

Zhirong (Archie) Liu, also a partner at the firm, focuses his practice on corporate/business law, business immigration, and intellectual property. Mr. Liu has received the Rising Star distinction from 2022 to 2024 and is recognized as a Top Rated Immigration Attorney in New York City, underscoring his commitment and skill in navigating complex legal challenges.

These prestigious honors, given to the top 5% of attorneys nationwide, reflect our unwavering dedication to delivering outstanding legal services across a wide range of industries and clients.

Be sure to look for us in Westchester Magazine this November! 

Thank you for your continued trust and support.

Meet Our Attorneys: To learn more about our award-winning attorneys, view their profiles here, or schedule a consultation here.

Best regards,
Jun Wang & Associates, P.C.

In March, USCIS conducted an initial random selection of properly submitted electronic registrations for the fiscal year 2025 H-1B cap, including those eligible for the advanced degree exemption. Petitioners with selected registrations were eligible to file H-1B cap-subject petitions from April 1 to June 30, 2024. However, additional registrations need to be selected to meet the FY 2025 regular cap numerical allocation. USCIS will soon conduct a second random selection from the previously submitted registrations and notify the selected petitioners. This second selection will include those eligible for both the master’s and regular caps, but no additional selection for the advanced degree exemption will be conducted. Selected petitioners will receive updated selection notices in their USCIS online accounts with filing details.


For more details, please visit the State Department’s H1-B Cap Registrations

Quick Recap

• In October, the EB-1 Final Action Date will advance two weeks for China to February 15, 2022, while the EB-1 category for all other countries will become current again (with the exception of India, which is January 1, 2017). 
• The EB-2 Final Action Date for China will advance nearly three months, to October 1, 2019. For all other countries except India (which is January 1, 2012), it will advance by one week to July 8, 2022.
• The EB-3 Professional/Skilled Worker Final Action Date will advance by four months for China, to January 1, 2020, and by nineteen months for all other countries (with the exception of India, which is May 1, 2012).
• EB-5 Unreserved Final Action Dates will advance by three weeks for China.
• In October, USCIS will accept employment-based adjustment of status applications from foreign nationals with a priority date that is earlier than the Dates for Filing listed in the State Department’s October 2023 Visa Bulletin.

For more details please visit the State Department’s October Visa Bulletin.