CPA Case Study: Automating BOI Reporting under the Corporate Transparency Act through BOI Fincen Filings
September 28, 2024 BY Admin
With the Corporate Transparency Act beginning to tighten up compliance, CPAs and compliance professionals increasingly find the complicated task of BOI reporting. Reporting BOI will increase corporate ownership transparency; thus, combating financial crimes like money laundering and tax evasion. However, such information management and ensuring on-time and correct filing could be challenging. This paper discusses how CPAs may use the BOI Fincen Filings to automate BOI reporting, thereby streamlining processes and being in compliance with CTA regulations.
Corporate Transparency Act and BOI Requirements
The Corporate Transparency Act is an ant-illicit financial activity statute, passed as such, which requires specified businesses to file BOI to FinCEN. Critical information for a beneficial owner includes the name and business or address and, date of birth and identification numbers to identify them uniquely. Timely, accurate, and efficient reporting processes help avoid any potential penalties, hence an absolute requirement for the organization.
The BOI reporting process may be an administrative burden for CPAs who prepare this on behalf of their clients. Manual processes for collecting, tracking, and verification often result in delays, errors, and regulatory risk. That's where BOI Fincen Filings can help.
Addressing all these above activities, the firm adopted BOI Fincen Filings, a platform geared towards easy BOI data gathering, managing, and filing. BOI Fincen Filings is an automated solution which allows CPAs to meet BOI reporting requirements efficiently at the same time improving accuracy and transparency as shown below: Streamlined Collection of Data: BOI Fincen Filings streamline data collection from the beneficial owners through secure and easy-to-use forms. Follow-up is no longer manual, and the time spent collecting necessary information will decrease.
