Charleston, W. Va. – WV Secretary of State Mac Warner is launching a public education campaign to assist West Virginia businesses with navigating a new federal requirement that took effect on January 1, 2024. The Corporate Transparency Act (CTA) is a federal (not state) law that requires most businesses to file specific “Beneficial Ownership Information” (BOI) through an online portal operated by the US Financial Crimes Enforcement Network (FinCEN). The information will not be publicly available but will be shared with law enforcement when or if requested.
According to the federal government, the purpose of the CTA is to prevent and identify financial crimes such as money laundering, tax fraud, and sanctions evasion. FinCEN expects to produce additional educational materials for public consumption in the future. In the meantime, Secretary Warner is committed to supporting West Virginia businesses in every possible manner.
A landing page on the WV Secretary of State’s website has been added to easily redirect internet traffic to FinCEN’s reporting page. In addition, the WV Secretary of State’s 24/7 virtual assistant (called S.O.LO.) is equipped to answer basic questions on the new CTA requirements. S.O.LO. is located at the bottom-right corner of the Secretary of State’s homepage. Business & Licensing Specialists in the WVSOS Business Division also remain available for personalized assistance during regular business hours by calling 304-558-8000.
Companies in existence in West Virginia before January 1, 2024 must file their initial reports before January 1, 2025. New companies created between January 1, 2024 and December 31, 2024 will have 90 days after registration to file. Reporting companies created on or after January 1, 2025 will have 30 days after registration to file. Any change to Beneficial Ownership Information must be reported within 30 days of the change (e.g. sale, merger, acquisition, or death of a member).
For more information on the CTA, you can watch an educational video from FinCEN at the link below:
Overview of Beneficial Ownership Information Reporting with Under Secretary Brian Nelson
