Can CPAs File BOI Reports for Clients?
As a CPA, you might wonder if CPAs can safely file Beneficial Ownership Information (BOI) reports for clients under the Corporate Transparency Act (CTA) without crossing into unauthorized practice of law. This is a common concern, as BOI reporting involves navigating complex legal and compliance requirements.
FincenFetch empowers CPAs to handle BOI filing confidently with step-by-step guidance, accurate data tools, and expert compliance resources, all while keeping you within your professional boundaries.
Should CPAs File BOI Reports? Common CPA Questions:
- Can CPAs File BOI Reports? Yes, CPAs can assist with BOI reports by providing general information, helping determine reporting requirements, and completing forms based on client data. However, they should avoid interpreting legal statutes or giving specific legal advice.
- Should CPAs File BOI Reports? Filing BOI reports can be a valuable service addition for CPAs, helping clients meet compliance requirements while also opening up new revenue opportunities. FincenFetch simplifies the process, allowing you to confidently offer this service.
- Are CPA Firms Exempt from BOI Reporting? Most CPA firms are not exempt from filing BOI reports if they qualify as a “reporting company” under the CTA. Use the FincenFetch BOI Exemption Checker to quickly determine your firm’s status.
Understanding the Corporate Transparency Act and the Role of CPAs
The Corporate Transparency Act (CTA), enacted in 2021, aims to combat illegal activities through shell companies by requiring most corporations and LLCs to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). Failing to comply can result in fines of up to $10,000 and potential jail time. For many CPAs, this new requirement can seem scary, particularly with the legal implications of advising clients on BOI reporting.
What CPAs Can Do:
- Provide General Information: CPAs can guide clients on BOI reporting requirements without offering specific legal advice.
- Assist with Determinations: Help clients determine if they qualify as a “reporting company” under the CTA and identify beneficial owners.
- Complete Forms: Collect necessary information and complete BOI forms based on client-provided data.
What CPAs Should Avoid:
- Interpreting Laws: Avoid interpreting legal statutes or offering specific legal advice on compliance matters related to the CTA.
- Answering Legal Questions: Refrain from answering client-specific legal questions that require legal expertise.
The Confidence to File: How FincenFetch Supports CPAs
FincenFetch provides tools and reminders that allow CPAs to confidently offer BOI filing services. Here’s how:
Expert Support: Access our dedicated support team for compliance questions, ensuring you navigate the BOI reporting process correctly.
Built-In Reminders: FincenFetch offers built-in reminders that help CPAs stay on track with critical deadlines and compliance tasks throughout the BOI filing process. These reminders ensure that CPAs do not miss key steps or deadlines.
Step-by-Step Guidance: FincenFetch simplifies BOI reporting into manageable steps, aligned with FinCEN’s guidelines, so you can confidently handle the process.
Automated Exemption Checker: Quickly determine if a business is exempt from BOI reporting requirements, saving time and ensuring compliance accuracy.
📌 To explore detailed insights into BOI exemptions and understand the specific criteria that might apply to your situation, visit our guide on BOI exemptions.
Boost Your Practice with Integrated Compliance Solutions
FincenFetch not only simplifies BOI reporting but also integrates smoothly with various CPA tools, CRMs, and scheduling software to streamline your workflow and enhance client management. While FincenFetch is specifically designed to assist with BOI compliance, it complements other systems you may use, creating a more efficient and cohesive experience in managing compliance tasks and client interactions.
White-Label Services for CPAs: Elevate Your Brand and Grow Your Revenue
Expand your service offerings with FincenFetch’s white-label capabilities, allowing you to provide BOI reporting under your own brand. This feature helps you strengthen your market presence by seamlessly integrating BOI compliance into the services your clients already trust.
- Expand Your Brand: Utilize FincenFetch’s white-label options to deliver BOI reporting as part of your branded services, offering a cohesive client experience that enhances trust and loyalty.
- Increase Revenue Streams: Offering FincenFetch as a white-label service enables you to create additional income through a premium, branded compliance solution, boosting client satisfaction and your bottom line.
📌 Download Our E-Book for CPAs to learn more about expanding your service offerings and growing your practice with FincenFetch.
Transform BOI Reporting Into a Growth Opportunity with FincenFetch
Beneficial Ownership Information reporting doesn’t have to be just another compliance task. FincenFetch empowers CPAs to leverage BOI reporting as a strategic advantage:
- Upsell to Existing Clients: Offer BOI reporting as an added service, simplifying compliance for your clients and allowing you to charge a premium for this value-added expertise.
- Attract New Clients: Differentiate your practice by providing comprehensive compliance solutions, including BOI reporting, to appeal to businesses seeking a one-stop provider.
- Boost Efficiency and Profitability: FincenFetch’s automation and streamlined workflows minimize filing time, enhancing operational efficiency and enabling you to manage more clients with improved margins.
By integrating FincenFetch, BOI reporting becomes a powerful tool for enhancing your practice, attracting new business, and driving profitability—all while ensuring compliance.
Overcoming the Fear of Filing: Why FincenFetch Is the Solution CPAs Need
Many CPAs hesitate to engage in BOI reporting due to perceived risks and complexities. FincenFetch addresses these concerns by providing a platform that helps CPAs while maximizing efficiency:
- Built-In Reminders: FincenFetch provides built-in reminders designed to guide CPAs through each step of the BOI filing process, ensuring compliance with FinCEN guidelines.
- Simplify the Process: With FincenFetch’s clear, step-by-step approach, BOI reporting becomes a manageable service that you can offer confidently.
- Stay Updated and Compliant: FincenFetch ensures you have access to the latest compliance guidelines, so you can keep pace with regulatory changes and maintain accurate reporting practices.
📌 Discover additional FincenFetch features that enhance your BOI filing process—check out our blog for the full details
Make FincenFetch Your BOI Reporting Partner
With FincenFetch, BOI reporting goes beyond compliance—it becomes a pathway to increased confidence, expanded services, and greater revenue. Equip your practice with the right tools, gain the assurance to offer BOI filings, and watch your business grow.
Don’t wait—schedule your demo now and discover why FincenFetch is the trusted choice for CPAs nationwide. Let FincenFetch turn your BOI compliance challenges into your next big opportunity.
