How to File BOI Report in Wisconsin – Ultimate Guide (2024)


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How to file a BOI Report in Wisconsin: Since the Corporate Transparency Act, the Beneficial Ownership Information (BOI) principle has become an important aspect of the regulatory framework for Limited Liability Companies, Corporations, and all types of business structures. This act aims to increase transparency and fight against illegal financial activities by requiring businesses to disclose information about beneficial owners. In Wisconsin, companies must comply with these BOI reporting obligations, and this guide will give a comprehensive overview of the processes involved, entities affected, and compliance actions that must be put in place.

Wisconsin, also known as The Badger State, has a population of 5,955,737. That makes the state small business friendly. According to the act, small and medium-sized businesses have to file BOI reports. In this article, LLCBuddy editors shared the latest update and mandate on filing BOI reports in Wisconsin

What is Beneficial Ownership in Wisconsin?

Beneficial ownership in Wisconsin entails individuals who own or control an entity ultimately even though legal ownership rests with some other person. These persons may have significant influence over it or hold substantial interest therein as owners. Identifying who qualifies as a beneficial owner is a critical first step in complying with BOI reporting requirements. To be a beneficial owner, one must meet at least one of the following:

  1. Has direct or indirect ownership of 25% or more of the entity’s equity interests
  2. Directly or indirectly exercises significant control over the entity

It should be noted that beneficial ownership can involve complicated ownership structures; therefore entities should conduct thorough assessments of their organizational structure and holdings.

Beneficial Ownership Information Reporting

The BOI (Beneficial Ownership Information) Report is a memo or document that every small and medium-sized business (exemption applicable) has to file with the Financial Crimes Enforcement Network (FinCEN). In Wisconsin, any LLC that is eligible to enlist under the reporting company must file the BOI Report within the given period.

It is not only mandatory for all businesses in Wisconsin but also can lead to heavy monetary penalties along with imprisonment. There are many reasons why the Corporate Transparency Act was started and BOI Report filing becomes mandatory for all businesses in Wisconsin.

BOI Reporting Companies (Entities) in Wisconsin

Not every company, located in Wisconsin, is required to file BOI reports with FinCEN. Only the eligible companies (Reporting Companies) are liable to file the BOI report. Following are the requirements for BOI reporting,

Entities Required to Report

There are certain entities that are considered “Reporting Companies” as per the Corporate Transparency Act and must report beneficial ownership information. Normally, these include:

Exempted Entities

However, it is important to note that there are certain entities in Wisconsin that do not have BOI reporting requirements such as;

corporate-act
  • Sole proprietorships or any business structure that does not require registration under Wisconsin SOS.
  • Large entities (more than 20 employees with $5M revenue)
  • Tax-exempt organizations
  • Inactive entities meeting specific criteria
  • Subsidiaries of exempt entities
  • Complex ownership that is not publicly known

For PLLCs, selected types of companies get to file BOI reports. Small PLLCs that do not meet the eligibility of reporting companies are exempted from filing BOIR. Besides, PLLCs that are already under stringent regulatory authority like the medical or law field, might get an exemption too.

List of Entities Exempted from BOI Reporting According to FinCEN

  • Securities reporting issuer
  • Governmental authority
  • Bank
  • Credit union
  • Depository institution holding company
  • Money services business
  • Broker or dealer in securities
  • Securities exchange or clearing agency
  • Other Exchange Act registered entity
  • Investment companies or investment advisers
  • Venture capital fund adviser
  • Insurance company
  • State-licensed insurance producer
  • Commodity Exchange Act registered entity
  • Accounting firm
  • Public utility
  • Financial market utility
  • Pooled investment vehicle
  • Tax-exempt entity
  • Entity assisting a tax-exempt entity
  • Large operating company
  • Subsidiary of certain exempt entities
  • Inactive entity

Entities should review their classification carefully in order to ascertain if they fall under the requirement for reporting or qualify for an exemption. It is recommended to consult an expert before you start filing your BOI Report. Also, not only the above-mentioned sectors but also the size and structure of the business matters when it comes to filing the report. Hence, it is important to consult an expert beforehand.

How to File a BOI Report in Wisconsin?

In Wisconsin, you can file your BOI report in two ways. The report can be filed online or offline. The process is pretty simple. There is an online and offline (PDF) form available. The reporting company in Wisconsin has to fill up the form and submit it within the given time. Here are the steps to file the BOIR in Wisconsin

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Online BOI Report Filing in Wisconsin

  • Step 1: For online filing, reporting companies in Wisconsin are required to visit the FinCEN BOIR e-filing page.
  • Step 2: The first page shows 4 options, Initial Report, Correct Prior Report, Update Prior Report, and Newly Exempt Entity.
  • Step 3: For the fresh filing, select Initial Report and click NEXT.
  • Step 4: On the next page, fill out the form for Reporting Company and ask for FinCEN ID.
  • Step 5: The ‘Company Applicant’ page comes up next. Add the details wherever is required.
  • Step 6: The next page shows the details of the Beneficial Owner(s). Also, mention if there is an exemption.
  • Step 7: Submit the online form after sharing your name and email on the final page.
BOI reporting e-filing

Offline BOI Report Filing in Wisconsin

  • Step 1: For offline filing, visit the FinCEN BOI Report filing page
  • Step 2: Download the PDF form from the ‘Prepare BOIR’ option
  • Step 3: The PDF form requires Adobe Reader 8 or higher, make sure you have this version installed on your device.
  • Step 4: Save the form on your device.
  • Step 5: Fill it up with the correct information. Make sure to select the ‘Initial Report’ if you’re filing it afresh. For correction or updating the previous form, select the other options.
  • Step 6: Once filled up, upload the form on the site by clicking on ‘Submit BOIR’.
  • Step 7: On the Submit page, you will have to provide your name and email. Click on the ‘upload document’ section to upload the PDF form and submit it.
BOI offline filing

Reporting Process and Timeline

BOI Reporting effectively becomes mandatory from January 1, 2024, in Wisconsin and the rest of the United States. All the LLCs in Wisconsin, Corporations, and other types of businesses registered under Wisconsin Secretary of State will have to file the report within the given time.

  • Entities in Wisconsin incorporated or registered before January 1, 2024, will have to file their BOI report before January 1, 2025.
  • Entities in Wisconsin incorporated or registered on or after January 1, 2024, will have to file their BOI report within 90 working days from the date of completion of company registration with Wisconsin SOS or similar authority.
  • Entities in Wisconsin incorporated or registered on or after January 1, 2025, will have to file their BOI report within 30 working days from the date of completion of company registration with Wisconsin SOS or similar authority.

Penalties for Non-Compliance with CTA (BOI Report Filing)

The authority decides to make it more difficult for the companies that fail to comply with the Corporate Transparency Act or BOI report filing. Following are the monetary and other penalties for non-compliance,

  • The Civil Penalty for missing the deadline in Wisconsin is $500 a day for the company
  • The Criminal Penalty for not filing the BOI Report in Wisconsin is $10,000
  • Continuing to violate rules and non-compliance in Wisconsin can lead to 2 years of imprisonment

The FinCEN makes sure that every reporting company must file the BOI report as soon as they meet the eligibility criteria. The penalty is heavy, especially for small businesses in Wisconsin.

BOI Reporting Required Information in Wisconsin

The Beneficiary Ownership Information consists of some confidential information about the LLC owners in Wisconsin. The compulsory information to be given in respect of each beneficial owner includes:

business requirement
  • Reporting Company legal name
  • Alternative or DBA Name (if any)
  • Tax Identification type
  • Country/Jurisdiction of Formation
  • Address (number, street, and apt. or suite no.)
  • Individual’s Full Legal Name
  • Date of birth
  • Current Address
  • Identifying document (Type, Number, Issuing Jurisdiction, Image)
  • Beneficial Owner Details (Legal Name, FinCEN ID, Address, DOB)

Entitles should confirm that the information given is correct and up-to-date as any inconsistencies or inaccuracies may attract penalties.

Ensuring their BOI reports are accurate and updated is a responsibility that these bodies have. Disputes or concealed information, therefore, need to be attended to quickly and openly as this is essential in compliance maintenance. Should organizations fail to do this, they may invite increased scrutiny with possible penalties imposed against them.

Privacy and Data Security

While the requirements for BOI reporting in Wisconsin aim at increasing transparency levels, there are practical challenges faced by entities regarding the identification and disclosure of beneficial ownership information. These may include:

  • Complexity in identifying beneficial ownership for entities with intricate ownership structures or multi-layered holding companies.
  • Difficulties in obtaining accurate and up-to-date information from beneficial owners, particularly where ownership interests are held indirectly or via intermediaries.
  • This places an additional burden on small businesses which will find it hard to deploy enough resources and personnel to deal with compliance matters.

Entities can overcome these hurdles through engagement of professionals’ advice; and having internal mechanisms that strengthen their capacity to communicate with their beneficiaries.

Regulatory and Legal Considerations

In addition to the issues above, entities in Wisconsin must also navigate numerous regulatory and legal considerations when reporting BOI. These include:

  • Balancing transparency with legitimate privacy concerns, especially for individuals who may be exposed to personal safety risks or other sensitive situations.
  • Addressing international implications and cross-border ownership structures since BOI reporting requirements can vary across jurisdictions.
  • Compliance with other relevant legislations such as anti-money laundering (AML) laws and know-your-customer (KYC) regulations is necessary as well.

What helps entities address these concerns is consulting the legal fraternity on changes occurring within the regulatory space.

Anticipated Changes and Updates

With time, FinCEN together with other relevant agencies will provide further guidance on complying with these reporting requirements as financial crime evolves. For instance, new changes could affect how they comply with these requirements. Additionally, in the future, there is a possibility of expanding or modifying the reporting requirements to deal with emerging issues or any possible loopholes.

Impact on Businesses and Financial Sector in Wisconsin

The introduction of BOI reporting requirements will have profound effects on both corporate entities and the financial sector as a whole. Likely consequences could include:

  • Increased administrative burdens and compliance costs for firms, especially at the early stages of implementation.
  • Enhanced due diligence procedures by financial institutions to verify the accuracy of BOI reports and identify potential red flags.
  • Business practices may change leading to ownership structures that are more flexible to fit into new transparency needs.
  • Entities that have complex ownership arrangements or those operating internationally may face some difficulties.

Nonetheless, in the long run, it can be expected that this law would go towards creating an environment where business is transparent and accountable thus enhancing trust and integrity within the financial system.

Significance of Reporting Beneficial Ownership Information

Reporting BOI is essential for several reasons. We have come up with three main reasons that CTA pointed out for having BOI reporting.

business
  • Preventing Illegal Activities: Identifying true owners helps to combat money laundering, terrorist financing, and other financial crimes in Wisconsin since bad actors cannot hide behind complex corporate structures.
  • Enhancing Transparency: It ensures corporate transparency and accountability so that entities cannot operate under cover but are required to reveal who their beneficial owner(s) are.
  • Facilitating Law Enforcement: Accurate data on BOI allows law enforcement authorities to investigate and prosecute fraudulent activities better thus protecting a fair business environment.

Starting an LLC in Wisconsin or forming a corporation in Wisconsin can be an eyewash of hiding other shady activities or illegal businesses. Companies often create shell companies to money launder. This reporting was started to prevent such activities in Wisconsin.

State Specific Data: Wisconsin

Capital and Incorporation

  • The capital of Wisconsin is Madison.
  • The population of Wisconsin: 5,955,737
  • The Annual GDP of Wisconsin: 404,704
  • Incorporation in Wisconsin can be done through various methods including online and offline. For more details, visit Wisconsin Secretary of State.
  • Incorporation Method in Wisconsin (Online): Create an account/Log in to the SOS site, get the e-form, fill it, and submit online. Or get the online PDF, fill it up and upload it back on the site.
  • Incorporation Method in Wisconsin (Offline): Send the form by mail to State of WI – Dept. of Financial Institutions, P.O. Box 93348, Milwaukee, WI 53293

Filing Fees

  • LLC Initial Filing Fee: $170 (by mail and $130 online)
  • LLC Amendment Fees: $20
  • Annual Fee: $25
  • DBA Filing Fee: $15
  • Incorporation Fee: $100 for online and by mail filing
  • Registered Agent Change Fee: $10
  • Corporate Amendment Fee: $40

Important Offices

  • State Tax Office: Wisconsin Department of Revenue
  • State Insurance Office: Wisconsin Office of the Commissioner of Insurance
  • Secretary of State Address: State of WI – Dept. of Financial Institutions, P.O. Box 93348, Milwaukee, WI 53293
  • Department of Treasury: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​

Key Contacts

  • Form 2335 Mailing Address: Department of the Treasury Internal Revenue Service Center – Kansas City, MO 64999 Fax: 855-887-7734​
  • Filing Method for DBA: two methods, by mail and in person.
  • Filing Fee for DBA: $15
  • Online Filing for DBA: There is no online filing available
  • Offline Filing for DBA: For filing offline in Wisconsin, you must send the accomplished DBA filing form to the Wisconsin Department of Financial Institutions, P.O. Box 7847, Madison, WI 53707-7847 or drop it off in person at 4822 Madison Yards Way, North Tower, Madison, WI 53705.

By staying compliant with the BOI reporting requirements and leveraging the resources available in Wisconsin, businesses can ensure they meet all regulatory obligations efficiently.

FAQs

How do I file a boi report in Wisconsin?
You can file a boi report in Wisconsin by contacting the Wisconsin Department of Transportation.
Is it mandatory to file a boi report in Wisconsin?
Yes, it is mandatory to file a boi report in Wisconsin if you are involved in a boating accident.
What information do I need to include in a boi report in Wisconsin?
When filing a boi report in Wisconsin, you will need to include details about the boating accident, such as the date, time, and location.
Can I file a boi report online in Wisconsin?
Yes, you can file a boi report online in Wisconsin through the Wisconsin Department of Natural Resources website.
Can I file a boi report by mail in Wisconsin?
Yes, you can file a boi report by mail in Wisconsin by requesting a boating accident report form from the Wisconsin Department of Natural Resources.
How long do I have to file a boi report in Wisconsin after an accident?
In Wisconsin, you are required to file a boi report within 10 days of a boating accident.
What happens if I fail to file a boi report in Wisconsin?
Failing to file a boi report in Wisconsin can result in fines and penalties.
Do I need to notify law enforcement after filing a boi report in Wisconsin?
Yes, you should notify appropriate law enforcement agencies after filing a boi report in Wisconsin.
Can I request a copy of a boi report in Wisconsin?
Yes, you can request a copy of a boi report from the Wisconsin Department of Natural Resources.
Is there a fee for obtaining a boi report in Wisconsin?
There may be a fee for obtaining a copy of a boi report in Wisconsin, depending on the circumstances and agency.
Can I amend a boi report in Wisconsin after it has been filed?
You may be able to amend a boi report in Wisconsin by contacting the Wisconsin Department of Natural Resources.
How long does it take to receive a boi report in Wisconsin?
The time it takes to receive a boi report in Wisconsin can vary depending on the processing times of the agency.
Can I file a boi report in Wisconsin on behalf of someone else?
In some cases, you may be able to file a boi report on behalf of someone else in Wisconsin with their permission.
What should I do if I have questions about filing a boi report in Wisconsin?
If you have questions about filing a boi report in Wisconsin, you can contact the Wisconsin Department of Natural Resources for assistance.
Are there specific boating laws in Wisconsin that I need to be aware of when filing a boi report?
Yes, there are specific boating laws and regulations in Wisconsin that you should be familiar with when filing a boi report.
Can I consult with a boating accident attorney in Wisconsin for help with filing a boi report?
Yes, you can consult with a boating accident attorney in Wisconsin for assistance with filing a boi report and navigating the legal process.
Are boi reports in Wisconsin used for insurance purposes?
Boi reports in Wisconsin may be used for insurance purposes to help determine fault and assess damages resulting from a boating accident.
Can I file a boi report in Wisconsin anonymously?
You cannot file a boi report anonymously in Wisconsin; your information is required for the report to be valid.
What happens if there are discrepancies in a boi report in Wisconsin?
If there are discrepancies in a boi report in Wisconsin, you may need to work with the investigating agencies to correct the information.
Can I use a boi report in Wisconsin as evidence in a legal case?
A boi report in Wisconsin can be used as evidence in a legal case related to a boating accident.
Will filing a boi report in Wisconsin affect my boating record?
Filing a boi report in Wisconsin may affect your boating record, depending on the specifics of the accident and any resulting penalties.
Can I challenge the findings of a boi report in Wisconsin?
You may be able to challenge the findings of a boi report in Wisconsin by providing additional evidence or information to the investigating agency.
Should I contact my insurance company after filing a boi report in Wisconsin?
It is recommended to contact your insurance company after filing a boi report in Wisconsin to begin the claims process.
Can I file a boi report in Wisconsin for a near-miss or close call on the water?
Not all states require boi reports for near misses or close calls, but in Wisconsin, it is essential to report all boating accidents, including near-misses.
Can I file a boi report in Wisconsin if there are no injuries or damage?
Yes, you should still file a boi report in Wisconsin even if there are no injuries or visible damage, as it is crucial for tracking all boating incidents.
Can I file a boi report in Wisconsin if I hit a stationary object in the water?
If you hit a stationary object in the water in Wisconsin, such as a buoy or dock, you should file a boi report to document the incident.
Can I file a boi report in Wisconsin if I damage someone else’s property?
If you damage someone else’s property while boating in Wisconsin, you should file a boi report to document the incident and ensure that all parties are aware of the incident.
Can I file a boi report in Wisconsin for a hit-and-run boating incident?
If you are involved in a hit-and-run boating incident in Wisconsin, you should file a boi report to document the incident and provide information to authorities for further investigation.
Can I file a boi report in Wisconsin if I witness a boating accident but am not directly involved?
If you witness a boating accident in Wisconsin, you should report it to the authorities and provide any information you have to assist in the investigation.
What is a BOI (Bureau of Insurance) report in Wisconsin?
A BOI report in Wisconsin is a report filed with the Wisconsin Office of the Commissioner of Insurance that provides information on insurance activities within the state.
Who is required to file a BOI report in Wisconsin?
Insurance companies and insurance-related entities operating in Wisconsin are required to file a BOI report.
When is the deadline to file a BOI report in Wisconsin?
The deadline to file a BOI report in Wisconsin is typically on an annual basis, with specific dates varying depending on the type of entity.
How can I obtain the necessary forms to file a BOI report in Wisconsin?
The necessary forms to file a BOI report in Wisconsin can be obtained from the Wisconsin Office of the Commissioner of Insurance website or by contacting their office directly.
What information is required to be included in a BOI report in Wisconsin?
A BOI report in Wisconsin typically requires detailed information on the financial and operational activities of the insurance entity, including premiums collected, claims paid, and organizational structure.
Will my BOI report in Wisconsin be made public?
BOI reports filed in Wisconsin are typically confidential and are not made public unless required by law.
Can I file my BOI report in Wisconsin electronically?
Yes, the Wisconsin Office of the Commissioner of Insurance allows for electronic filing of BOI reports for added convenience.
What happens if I fail to submit a BOI report in Wisconsin on time?
Failure to submit a BOI report in Wisconsin on time can result in penalties and fines imposed by the regulatory authorities.
Are there any exemptions to filing a BOI report in Wisconsin?
Certain small insurance entities may be exempt from filing a BOI report in Wisconsin, but it is recommended to verify eligibility with the regulatory authorities.
Can I request an extension to file my BOI report in Wisconsin?
Extensions to file a BOI report in Wisconsin may be granted under certain circumstances, but it is advisable to request an extension in advance of the deadline.
How long does it typically take to complete a BOI report in Wisconsin?
The time required to complete a BOI report in Wisconsin can vary depending on the complexity of the entity and the availability of required information.
Can I amend my BOI report in Wisconsin after it has been submitted?
Amendments to a BOI report in Wisconsin may be allowed in certain cases, but it is important to follow the prescribed procedures for making corrections.
What is the purpose of filing a BOI report in Wisconsin?
Filing a BOI report in Wisconsin helps the regulatory authorities monitor and oversee insurance activities within the state to ensure consumer protection and compliance with laws and regulations.
How can I check the status of my BOI report in Wisconsin?
You can typically check the status of your BOI report in Wisconsin by contacting the Wisconsin Office of the Commissioner of Insurance or accessing their online portal.
Are there any fees associated with filing a BOI report in Wisconsin?
There may be filing fees associated with submitting a BOI report in Wisconsin, depending on the type of entity and the specific requirements of the report.
What should I do if I have questions or concerns about filing a BOI report in Wisconsin?
If you have questions or concerns about filing a BOI report in Wisconsin, you can reach out to the Wisconsin Office of the Commissioner of Insurance for assistance and guidance.
Do I need to provide supporting documentation with my BOI report in Wisconsin?
It is common to include supporting documentation with a BOI report in Wisconsin to substantiate the information provided in the report.
Can I request a copy of my filed BOI report in Wisconsin for my records?
Yes, you can typically request a copy of your filed BOI report in Wisconsin for your records from the Wisconsin Office of the Commissioner of Insurance.
What are the consequences of submitting inaccurate information on a BOI report in Wisconsin?
Providing inaccurate information on a BOI report in Wisconsin can lead to penalties, fines, and potential enforcement actions by the regulatory authorities.
Are there any educational resources available to help me understand how to file a BOI report in Wisconsin?
The Wisconsin Office of the Commissioner of Insurance may provide educational resources, such as guidelines and instructions, to assist entities in filing BOI reports in Wisconsin.
Can I consult with a professional or advisor to help me prepare and file my BOI report in Wisconsin?
It is common for insurance entities to seek the assistance of professionals, such as accountants or consultants, to help prepare and file their BOI reports in Wisconsin.
Can I appeal a decision made by the regulatory authorities regarding my BOI report in Wisconsin?
If you disagree with a decision made by the regulatory authorities regarding your BOI report in Wisconsin, you may have the right to appeal the decision through prescribed procedures.
How can I ensure that my BOI report in Wisconsin is accurate and compliant?
To ensure that your BOI report in Wisconsin is accurate and compliant, it is essential to carefully review the instructions and guidelines provided by the regulatory authorities.
What types of insurance activities are regulated through the BOI report in Wisconsin?
The BOI report in Wisconsin typically covers a wide range of insurance activities, including underwriting, claims management, financial reporting, and compliance with state laws.
Is there a specific format or template that I need to use to file my BOI report in Wisconsin?
The Wisconsin Office of the Commissioner of Insurance may provide a specific format or template for filing BOI reports to ensure consistency and standardization.
Can I submit a consolidated BOI report in Wisconsin for multiple entities within a corporate structure?
Depending on the regulatory requirements, you may be able to submit a consolidated BOI report in Wisconsin that covers multiple entities within a corporate structure.
What are the key disclosure requirements for a BOI report in Wisconsin?
A BOI report in Wisconsin may require disclosure of key financial information, operational activities, governance structure, and any material changes that could impact the insurance entity.
How does filing a BOI report in Wisconsin impact my ability to conduct insurance business in the state?
Filing a BOI report in Wisconsin is a regulatory requirement that is necessary to maintain compliance with state laws and regulations, which is essential for continuing to conduct insurance activities in the state.
What are the key provisions of the Wisconsin Insurance Code that are relevant to filing a BOI report?
The Wisconsin Insurance Code governs various aspects of insurance regulation in the state, including licensing requirements, financial solvency, market conduct, and reporting obligations such as filing a BOI report.

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In Conclusion

In the world of business, conducting illicit monetary transactions is not a new thing. To prevent that the Corporate Transparency Act came into the picture. Businesses in Wisconsin, especially, small and medium businesses must file the Business Ownership Information Report to combat growing financial crimes. In Wisconsin, the companies must understand the obligations to comply with the rules.

In Wisconsin, before you start filing the BOI Report, there are a few important points to note. Important points worth noting are:

  • Identifying beneficial owners from their control or ownership interests over the entity.
  • Reporting accurate information at all times including names, dates of birth, addresses, and identification details about beneficiaries.
  • Timely filing of the initial reports and updating the reports in case of changes.
  • When required, involve reputable third-party service providers to assist in the filing process.
  • Ensure compliance with relevant penalties for non –compliance.
  • Deal with practical challenges and legal issues related to BOI reporting.
  • Keep abreast of future developments and advice from relevant bodies.

Filing the BOI Report does not require complicated steps, however, it definitely requires an expert to proceed. We recommend TailorBrands, one of the best LLC formation services that not only offers free LLC formation but also offers BOI Reporting at a very reasonable cost.

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