ROCK HILL, SC / ACCESSWIRE / August 30, 2024 / The Corporate Transparency Act (CTA) mandates that most small businesses across the U.S. must submit a Beneficial Ownership Information (BOI) Report to FinCEN. This critical legislation enhances financial transparency within the business landscape, preventing money laundering and other financial crimes.
Law firms and accountants, among other professional service providers, are now facing the challenge of ensuring their clients comply with these new reporting obligations. Managing BOI filing for multiple clients, each with unique requirements, demands an efficient and reliable solution.
TaxBandits, a trusted provider of e-file services for 1099, W-2, 941, & various tax forms, is offering a specialized BOI reporting solution designed to meet the needs of law firms, bar associations, accounting firms, and various businesses. This solution is built to handle the complexities of BOI reporting at scale, enabling firms to streamline their processes and ensure their client's compliance with FinCEN's requirements.
Impact of BOIR Mandate
According to FinCEN, an estimated 32.6 million small businesses across the U.S. must file the BOI report. This means businesses face the challenge of meeting their BOI reporting requirements promptly to avoid penalties of up to $10,000 ($591/day) and legal issues, protecting themselves from financial and legal complications.
Unlock New Opportunities and Maximize Revenue
This new reporting requirement offers law firms and accountants a significant chance to enhance their service offerings and generate additional revenue. Law firms, accountants, and any other professionals who manage the legal compliance procedures for their clients can provide BOI filing as an additional service for their clients. Offering BOI e-filing services helps clients meet FinCEN compliance and enhances the transparency of the firms' structures.
This dual capability allows firms to leverage the growing need for compliance assistance, positioning themselves as comprehensive service providers.
TaxBandits' Tailored BOI Reporting Solution for Law Firms and Accountants
TaxBandits offers a robust solution designed to support these firms in managing BOI filings for themselves and their clients. The platform supports the firms in streamlining their own filings and assisting their clients with a wide range of advanced features.
Maximize Revenue with TaxBandits:
TaxBandits offers various services to fit the business needs of these firms perfectly:
API Integration: Firms can effortlessly integrate TaxBandits API into their existing system to streamline and enhance their BOI filing process. This integration improves workflow efficiency and reduces manual entry, allowing them to handle a larger volume of reports efficiently.
White-Label Solution: Firms can customize their BOI filing solution with their own branding to offer a seamless, branded experience for their clients. This approach enhances the firm's professional image while allowing them to maximize earnings through a unique, tailored service offering.
Referral Program: Firms can earn commissions by adding their referral link to their website or social media. Each client who files BOIs through TaxBandits via the firm's referral link contributes to their revenue stream, turning client referrals into a significant source of income.
Exclusive Pro-Features for Law Firms and Accountants:
TaxBandits offers advanced pro features specifically designed to meet the needs of law firms and accountants managing high volumes of BOI filings:
BanditConnect (Client Portal): BanditConnect is a secure online platform designed to facilitate seamless information sharing and collaboration between firms and their clients. It promotes trust and confidentiality by ensuring data protection through advanced security measures. In addition, firms can customize this portal with their own brand.
BanditCollab (Staff Management): BanditCollab is a platform for collaboration that aims to improve teamwork within your firm . It increases effectiveness by enabling transparent communication, task coordination, and document exchange among team members.
These exclusive pro features are designed to help firms efficiently manage high volumes of BOI filings, improve client interactions, and optimize internal processes.
When asked about the new BOI reporting mandate, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises (parent company of TaxBandits) responded stating, "As we near the end of the year and businesses begin to realize that the BOI reporting requirement isn't going anywhere, they will be seeking guidance from their trusted accountants and attorneys. TaxBandits is here to provide a solution for those professionals to help their clients maintain compliance with FinCEN."
About TaxBandits
TaxBandits is a SOC 2 Certified, IRS-authorized provider specializing in various tax forms, including Form 1099, Form W-2, Form 1095-B, Form 1095-C, Form 940, Form 941, and Fillable W-9. Whether serving a business, service provider, or tax professional, TaxBandits offers a comprehensive solution for all the year-end filing needs.
TaxBandits also offers an API for software providers and high-volume filers, allowing seamless integration to streamline the preparation and e-filing of 1099, W-2, 941, 940, ACA 1095 forms, W-9, and BOI reports. In addition, the API offers Bulk TIN Matching and Instant TIN Matching services to ensure accurate filings.
Firms that are interested in pursuing high-volume BOI reporting and API options are welcome to reach out to the Business Development Team, by email at sales@taxbandits.com or by phone at 704-684-4758.
About SPAN Enterprises
Headquartered in Rock Hill, South Carolina, SPAN Enterprises has created cutting-edge software solutions for e-filing and business management for over ten years.
Span Enterprises' suite of products include TaxBandits, Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For media inquiries, please contact:
Stephanie Glanville
Marketing Manager
SPAN Enterprises
stephanie@spanenterprises.com
SOURCE: TaxBandits
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