Beneficial Ownership Information Reporting with Randy Sparling

As of January 1, 2024, the U.S. Department of Treasury has enacted new reporting requirements for entities doing business in the United States to provide information about their beneficial owners as part of the Corporate Transparency Act to discourage the use of illegal shell companies for laundering/hiding assets. These requirements effect the majority of business owners, with some exceptions, and we speak with attorney Randy Sparling from Felhaber Larson to get the details. Randy and Tom talk about background on why these requirements were put into place, who is required to file, details of the filing process, and more.

• Origins of the BOI Reporting Requirements
• Timeline & Deadlines
• Use Cases & Examples
• Exemptions
• Reporting Process
• Penalties of Non-Compliance

Business owners should listen to this episode to get a better understanding of what immediate steps they need to take to ensure compliance with the new Beneficial Ownership Information Reporting Requirements. Relevant Resources: Olsen Thielen recommends working with your attorney for consultation on BOI Reporting Requirements. Resources available from FinCEN:

• Small Entity Compliance Guide
• answers to Frequently Asked Questions
• a video overview of beneficial ownership information reporting; and more.
• Link to FinCEN’s BOI E-Filing System.

Check out Olsen Thielen’s blog article on the new Requirements from OT Principal & CIO, Lisa Dunnigan.