Episode 35

full
Published on:

5th Nov 2024

Attention Business Owners - Don't Miss the BOI Reporting Deadline

In this episode of Law Days and Lattes, your host, Sidney Wheelan, breaks down the essential details about the new Beneficial Ownership Information (BOI) report required by the Corporate Transparency Act (CTA). This federal requirement, effective January 1, 2024, affects many business owners in the U.S. Listen in to learn about who needs to file, what information is required, deadlines, and the potential penalties for non-compliance. Don’t miss this essential episode for small business owners and entrepreneurs!

Episode Segments

Segment 1: What is the BOI Report?

  • Overview of the CTA and its goal to increase transparency in business ownership.
  • Explanation of what the BOI report entails and why the government is requiring it.

Segment 2: Who Needs to File the BOI Report?

  • Breakdown of which businesses are required to file, along with exemptions for larger and highly regulated companies.

Segment 3: Required Information for Filing

  • List of information each beneficial owner must provide, including full name, date of birth, address, and government-issued ID details.

Segment 4: Deadlines and Penalties for Non-Compliance

  • Key filing deadlines -
  • Existing companies (before January 1, 2024): Deadline of January 1, 2025.
  • New companies (formed after January 1, 2024): File within 90 days of formation.
  • Potential civil and criminal penalties for non-compliance, including fines and possible prison time.

Segment 5: Practical Steps for Business Owners

  • Step-by-step guidance for BOI compliance, including identifying beneficial owners, gathering documentation, and consulting with professionals as needed.

Key Takeaways

  • Deadlines Matter: Note your deadline based on your business’s formation date.
  • Accurate Reporting is Essential: Avoid penalties by submitting complete and correct information.
  • Seek Help if Needed: Legal professionals can provide valuable assistance with compliance.

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This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law.  This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation.  This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship.  The choice of a lawyer is an important decision and should not be based solely upon advertisements.

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About the Podcast

Law Days & Lattes
Welcome to Law Days & Lattes, a unique blend of law, business, and a warm cup of wisdom. Your host, Sidney Wheelan, is not just an attorney but also a real estate investor and entrepreneur. This podcast is your one-stop source for legal insights, business strategies, and so much more.

Whether you’re a seasoned professional, an ambitious entrepreneur, or someone seeking guidance, Law Days & Lattes is the podcast for you. We aim to empower our listeners with valuable business strategies and insights into navigating the legal landscape.

But we’re not just about law and business. We believe in living a well-rounded life, so we’ll also touch on topics related to lifestyle, finance, health, fitness, and travel. After all, a well-lived life encompasses so much more. Join us on this journey as we explore the various facets of life over a warm cup of wisdom.

www.wheelanlaw.com

About your host

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Sidney Wheelan

Sidney is a seasoned lawyer with over 25 years of experience in the field of law. Throughout her extensive career, she has worked with a wide range of clients, from individuals to businesses, providing them with high-quality legal representation and counsel. Her exceptional legal skills and dedication to her clients have earned her a reputation as a skilled negotiator and litigator.​​

In 2016, Sidney decided to take her career to the next level by opening her own practice, Wheelan Law -- specializing in personal injury, estate planning and business law. However, she understands that all cases are unique and focuses on providing personalized legal services tailored to her clients' specific needs.

​Recently, Sidney embarked on a new endeavor to renovate the vacant Merrell University building in the historic downtown area of Moberly, MO. The commercial space is now home to Wheelan Law and an assortment of other local businesses.

Sidney is known for her compassionate and client-focused approach to law. Her expertise, professionalism, and dedication to her clients have made her a highly sought-after lawyer in Mid-Missouri.