Tax Tip #271

Remember Beneficial Ownership Information? (See Tax Tip #161) Courts ruled that most businesses are no longer required to report BOI to FINCEN. 

However, NY enacted its own reporting which is still valid. Starting January 1, 2026, the LLC Transparency Act of New York (NY LLCTA) will require LLCs to disclose their BOI to the NY Department of State (NYDOS). 

This act applies to LLCs formed or qualified to do business in NY. These companies must report their beneficial owners (BO) to the NYDOS. BOs who own or control at least 25% of the LLC or have significant control over the company must be reported. 

Information needed:

• Name
• Date of birth
• Address
• Identification number

Filing deadlines:

• LLCs formed on or after 1/1/26 must be reported within 30 days
• LLCs formed before 1/1/26 must be filed by 1/1/27

Unlike the federal Corporate Transparency Act (CTA), the NY LLCTA only covers LLCs, which also applies to corporations and partnerships. LLCs that meet one of the 23 exemptions under the CTA will also be exempt from the NY LLCTA but must file an exemption. The NY LLCTA also requires annual reports to confirm or update the information on BO. If there are changes, LLCs must file corrected reports within 90 days. Fines are up to $500 daily for non-compliance. 

If you own an LLC in NY and would like Goldstein & Loggia to handle the filing, please reach out to a team member for assistance.