ROCK HILL, SC / ACCESSWIRE/ September 17, 2024 / The Corporate Transparency Act (CTA) mandates that certain small businesses in the United States must file the Beneficial Ownership Information (BOI) Report to the Financial Crimes Enforcement Network (FinCEN), a Department of Treasury. This regulation was enacted to improve business transparency and prevent companies from engaging in illicit activities such as money laundering and financial crimes.
According to the FinCEN's estimate, over 32.6 million reporting companies registered/formed before January 1, 2024, across the U.S. must complete their BOI filing. However, the number of BOI reports submitted to date is significantly short of FinCEN's estimation. These reporting companies have until January 1, 2025, which is just four months away, to file their initial BOI report.
Consequences of Missing the Deadline
Businesses may face legal consequences and penalties for failing to comply with BOI reporting requirements. There are three types of violations that can lead to penalties:
Providing false information
Willfully failing to file a report
Unauthorized disclosure of information
Missing the BOI report submission deadline can also result in penalties. These penalties include:
Civil penalties of up to $591 per day for non-compliance
Criminal penalties of up to two years in prison and fines of up to $10,000
Simplified BOI Reporting with TaxBandits
TaxBandits is an IRS-authorized and trusted e-filing service provider with over a decade of experience in e-filing of 1099, W-2, 941, 940, and various other forms. In addition to the existing suite of services, TaxBandits now offers a comprehensive solution for businesses and tax professionals to submit BOI reports with FinCEN efficiently. Incorporating a modernized, user-friendly interface with numerous time-saving features, TaxBandits serves as a reliable platform to ensure FinCEN compliance.
Comprehensive BOI Filing: TaxBandits supports all kinds of BOI reports - Initial, Correction, Update, or Newly exempt entity reports.
Flexible Data Import: Clients can auto-populate data from the address book, eliminating the need for manual data entry.
Scheduled BOI Reporting: Clients can schedule their BOI reports before the deadline and make any necessary corrections or updates prior to submission.
Invite Beneficial Owners: Beneficial owners can be invited via a secure link to complete the reporting information.
Status Updates: After submission, clients will receive instant status updates about their BOI filing via email.
Free Corrections for a Week: Clients are allowed to make free corrections or updates for one week following the initial submission of the BOI report.
Exclusive Tools for Tax Professionals and High-Volume Filing
BanditConnect (Client Portal) - BanditConnect is a secure online platform designed to streamline information sharing and collaboration between tax professionals and their clients. It allows tax professionals to personalize the portal with their branding and enables secure data-sharing and communication with each client.
BanditCollab (Team Management) - BanditCollab is a collaboration tool that empowers tax professionals to effectively manage BOI reporting through team coordination. Tax pros can add unlimited team members and assign specific roles and responsibilities to each, enhancing teamwork and efficiency.
Partnership Opportunities to Boost Revenue
TaxBandits offers various services that can prove to be an ideal option for large enterprises, accounting firms, and various other businesses to expand their offerings.
API Integration: TaxBandits offers seamless API integration to connect with existing systems, streamlining and enhancing the BOI filing process. This integration boosts workflow efficiency and minimizes manual data entry.
White-Label Solution: TaxBandits provides a white-label solution, allowing firms to customize the BOI filing platform with their own branding. This customization ensures a cohesive and professional experience for clients.
Referral Program: TaxBandits' referral program enables professionals to earn commissions by sharing a referral link on their social media or website. Clients who file their BOI reports through TaxBandits using this referral link can help increase CPA revenue.
About TaxBandits
TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider specializing in various tax forms such as Form 941, Form 940, Form 1099, Form W-2, Form 1095-C, Form 1095-B, and Form W-9. Serving businesses, service providers, or tax professionals of every shape and size, TaxBandits offers a complete solution that fulfills all filing needs.
BOI Reporting Solution
In addition to tax filing services, TaxBandits offers a comprehensive solution for businesses and tax professionals to meet their FinCEN Beneficial Ownership Information (BOI) reporting requirements. Through TaxBandits, clients can easily prepare and submit various BOI reports, including Initial, Corrected, Updated, and Newly Exempt Entity reports. Additionally, clients who file their BOI reports through TaxBandits can make free corrections or updates within one week of the original submission date.
API Solution
TaxBandits offers a comprehensive BOIR API that helps you automate the end-to-end BOI filing process right from your existing software or portal. Additionally, TaxBandits provides API e-filing solutions for 1099, W-2, 941, 940, and ACA 1095 forms. Use the developer filing 1099 API to request W-9 and automate the filing efficiently.
About SPAN Enterprises
Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade.
The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
Please direct all media inquiries to Stephanie Glanville, Marketing Manager, at stephanie@spanenterprises.com.
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SOURCE: TaxBandits
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