The Corporate Transparency Act, passed by Congress four years ago, has now implemented new federal business reporting mandates, significantly impacting businesses across the country. Effective from 2024, these mandates require certain businesses to disclose their ownership and operational details to enhance transparency and combat financial crimes. In West Virginia, Secretary of State Mac Warner is committed to guiding local businesses through this complex landscape, ensuring they understand the implications of these new regulations. Warner's office has been proactive in disseminating information and resources to help businesses comply and avoid harsh non-compliance fines that can reach thousands of dollars. The initiative highlights the critical balance between regulatory compliance and business viability, particularly for small and mid-sized enterprises.

As the deadline for compliance approaches, Warner is urging business owners to act quickly to safeguard their operations against potential penalties. This push for compliance not only aims to protect local businesses but also fosters a more transparent economic environment in West Virginia. The Secretary's efforts reflect a broader commitment to enhancing business integrity and accountability in the state.