The China Mail - Breaking Update - BOI Reporting is Back: New Filing Deadline Set for January 13, 2025

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Breaking Update - BOI Reporting is Back: New Filing Deadline Set for January 13, 2025
Breaking Update - BOI Reporting is Back: New Filing Deadline Set for January 13, 2025

Breaking Update - BOI Reporting is Back: New Filing Deadline Set for January 13, 2025

Recent regulatory changes have brought significant updates to the reporting obligations for companies filing beneficial ownership information with FinCEN. Following a federal Court of Appeals decision on December 23, 2024, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN.

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The Department of the Treasury recognizes that reporting companies may need additional time to comply, given the period when the preliminary injunction had been in effect. As such, the BOI reporting deadlines have been extended as follows:

Updated BOI Filing Deadlines:

  1. Reporting companies created or registered before January 1, 2024: The deadline has been extended to January 13, 2025 (originally January 1, 2025) for filing initial BOI reports with FinCEN.

  2. Reporting companies created or registered on or after September 4, 2024, that had a filing deadline between December 3, 2024, and December 23, 2024, now have an extended deadline of January 13, 2025.

  3. Reporting companies created or registered between December 3, 2024, and December 23, 2024: These companies are granted an additional 21 days from the original filing deadline to file BOI reports.

  4. Reporting companies created or registered on or After January 1, 2025: Must file BOI reports within 30 days of receiving actual or public notice of creation or registration.

  5. Reporting Companies Qualifying for Disaster Relief: Deadlines may extend beyond January 13, 2025. Follow the later deadline that applies.

TaxBandits: The Solution for Timely and Stress-Free BOI Reporting

With BOI Reporting reinstated, businesses must begin preparing the necessary information to ensure the timely submission of their BOI reports. TaxBandits offers a comprehensive suite of features designed to facilitate accurate and on-time BOI filing for reporting companies, tax professionals, law firms, and service providers.

Key Features to Simplify BOI Reporting:

  • BOIR Protect: In partnership with Protection Plus, BOIR Protect provides peace of mind with a $1 Million BOI Filing Defense, covering potential errors or issues with filings for a full year.

  • Free Corrections or Updates: TaxBandits offers free corrections or updates for up to 7 days. Annual plan subscribers can file unlimited corrections or updates for one year.

  • Retransmit Rejected Returns for Free: When FinCEN rejects a BOI report, it can be re-transmitted without additional charges, ensuring prompt corrections and resubmission.

  • Easy Corrections: Update existing data and submit without needing to refile the entire report, saving time and ensuring accuracy.

  • Invite Beneficial Owners: Securely invite beneficial owners to complete their details via a secure URL, ensuring only authorized individuals can access and complete the necessary information.

  • AI-Based Data Extract: TaxBandit's AI-powered technology automatically extracts data from uploaded identification documents, eliminating the need for manual data entry and minimizing errors.

  • Schedule Filing: Prepare reports, schedule submission dates, and ensure automatic submission as planned. Reports can be edited multiple times before the scheduled date, minimizing the need for subsequent corrections or updates.

For CPAs and Service Providers:

TaxBandits' BOI reporting solution empowers tax professionals with features that drive efficiency. Compliance reminders, customizable engagement letters, and BanditConnect streamline reporting.

  • Secure Client Portal: BanditConnect provides a secure client portal for efficiently managing BOI filings. Businesses can customize the portal with their branding to enable seamless collaboration, secure data exchange, and an efficient review and approval process.

  • Team Management: The BanditCollab tool enables the invitation of unlimited team members, assignment of predefined roles, and delegation of BOI report filings. This ensures efficient workload management and timely completion of tasks.

  • Automated Reminders: Set up automated reminders for updates and upcoming deadlines from FinCEN, eliminating the need for manual follow-ups and ensuring timely action on all filings.

  • Custom Engagement Letter: Customize engagement letters with specific terms and conditions, auto-fill client details, request e-signatures, and update them at any time, ensuring a streamlined and efficient agreement process for BOI filing services.

  • Bulk Upload: Streamline BOI filings with the Bulk Upload feature! Use the standard CSV template to import data all at once, saving time and reducing manual effort.

Partnership Opportunities to Increase Revenue

TaxBandits provides an array of services tailored for large enterprises, accounting firms, and other businesses looking to expand their BOI reporting services.

  • Referral Program: Clients can participate in TaxBandits' referral program, obtain a referral link, incorporate it into their website or social media, and earn commissions for each completed filing.

  • API Integration: TaxBandits offers seamless API integration, enabling easy connection with existing business systems. This integration optimizes the BOI filing process by streamlining workflows and minimizing manual data entry, thus improving operational efficiency.

  • White-Label Solution: TaxBandits provides a white-label solution, allowing firms to brand the BOI filing platform fully as their own. This customization ensures businesses can offer a consistent and professional experience to their clients.

TaxBandits' BOI reporting solution empowers tax professionals with features that drive efficiency. Compliance reminders, customizable engagement letters, and BanditConnect streamline reporting. Watch the video to learn more about TaxBandits' BOIR filing solution and the original FinCEN requirements that have been reinstated:

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, etc., and BOI reporting. Serving businesses, service providers, or tax professionals of every shape and size, TaxBandits offers a complete solution that fulfills all filing needs.

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 [email protected].

SOURCE: TaxBandits

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