New Federal Filing Requirements Apply to Many West Virginia Businesses

Charleston, W.Va – The United States Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has recently released a new five-minute demo to assist business owners with filing a Beneficial Ownership Information (BOI) report online. New federal legislation that took effect at the beginning of 2024 make BOI reports mandatory for a majority of business owners in the country.

According to FinCEN, 23 types of entities are exempt from BOI reporting requireme​nts. You can view the list of exemptions on FinCEN's website, fincen.gov/boi.

Business owners that are not exempt from filing BOI reports have specific filing deadlines depending on when they registered their business: Businesses registered before 2024 have until January 1, 2025 to file a BOI report. Businesses registered in 2024​ have to file within 90 days of their registration taking effect.

Moving forward in 2025, all new businesses that are not exempt will have to file a BOI report within 30 days of notification that their registration has taken effect.

The West Virginia Secretary of State's Office believes the new video tutorial released by FinCEN will be a great asset to business owners trying to navigate the new federal requirement.