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?

• 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.

Deadlines and 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.

Quick Recap

• Next month, USCIS will accept any employment-based adjustment of status (AOS) applications from foreign nationals whose I-140 priority dates are earlier than the corresponding Dates for Filing listed in the State Department’s December 2024 Visa Bulletin.
• In December, the Final Action Dates and Dates of Filing of all employment-based categories for most countries, including China, will remain the same as November.
• In December, the Final Action Dates and Dates of Filing of all family-based categories for all countries will remain the same as November.

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Employment-Based Final Action Dates for December 2024:

• • EB-1
    •  China: November 8, 2022
    •  India: February 1, 2022
    •  All other countries: Current (applications may be filed regardless of the applicant’s priority date.)
•  
  • EB-2
    • China: March 22, 2020
    • India: August 1, 2012
    • All other countries: March 15, 2023
      
      
  • EB-3
    • China: April 1, 2020
    • India: November 8, 2012
    • All other countries: November 15, 2022

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Employment-Based Dates for Filing for November 2024:

To be eligible to file an employment-based AOS application in December, foreign nationals must have an I-140 priority date that is earlier than the Dates for Filing listed below for their preference category and country:

• • EB-1
    • China: January 1, 2023
    • India: April 15, 2022
    • All other countries: Current (applications may be filed regardless of the applicant’s priority date.)
•  
  • EB-2
    • China: October 1, 2020
    • India: January 1, 2013
    • All other countries: August 1, 2023
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  • EB-3
    • China: November 15, 2020
    • India: June 8, 2013
    • All other countries: March 01, 2023

For more details, please visit the State Department’s December 2024 Visa Bulletin.

Dear Valued Clients and Partners,

We are excited to announce that Jun Wang & Associates, P.C. has once again been recognized by Super Lawyers for 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.

Karine K. Wang, our managing partner, has been honored as a Top Rated Super Lawyer for the second consecutive year, following her acknowledgment in 2023. 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. She has also been featured in the Super Lawyers’ New York Metro Top Women 2024 list, recognizing her exceptional achievements.

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

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, awarded 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.

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

Quick Recap

• Next month, USCIS will accept any employment-based adjustment of status (AOS) applications from foreign nationals whose I-140 priority dates are earlier than the corresponding Dates for Filing listed in the State Department’s October 2024 Visa Bulletin.
• In October, the Final Action Dates for EB-3 will advance for most countries, except for China, which will retrogress by five months.
• The Final Action Dates for China under EB-2 and EB-3 categories will see modest advancement.
• There will be no advancement in the Final Action Dates for family-sponsored categories under China.

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Employment-Based Final Action Dates for October 2024:

• EB-1
• China: November 8, 2022
• India: February 1, 2022
• All other countries: Current (applications may be filed regardless of the applicant’s priority date.)

• EB-2
• China: March 22, 2020
• India: July 15, 2012
• All other countries: March 15, 2023

• EB-3
• China: April 1, 2020 
• India: November 1, 2012 
• All other countries: November 15, 2022

Employment-Based Dates for Filing for October 2024:

To be eligible to file an employment-based AOS application in October, foreign nationals must have an I-140 priority date that is earlier than the Dates for Filing listed below for their preference category and country:

• EB-1
• China: January 1, 2023
• India: April 15, 2022
• All other countries: Current (applications may be filed regardless of the applicant’s priority date.)

• EB-2
• China: October 1, 2020
• India: January 1, 2013
• All other countries: August 1, 2023

• EB-3
• China: November 15, 2020  
• India: June 8, 2013 
• All other countries: March 01, 2023

For more details, please visit the State Department’s October 2024 Visa Bulletin.