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 requirements. 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.
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