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Tax & AccountingAugust 23, 2024

Navigating BOI compliance: A success story

By: Aimee Hall

Mark, a seasoned CPA, operates a solo practice in New York State. Handling everything from client meetings to tax examinations, and even daily administrative tasks, Mark exemplifies the commitment and tenacity required to run a successful one-person firm. Despite the demanding tax seasons, he consistently delivers high-quality services to his clients.

Embracing BOI compliance

Motivated by a timely webinar, Mark saw the need for BOI (Beneficial Ownership Information) compliance on the horizon. Recognizing the future needs of his clients, he stated, "At some point down the road, your clients are going to be calling upon you for help,” he said. “And we can't wait until December when the hammer is about to fall.” This led to his strategic decision to offer BOI compliance services.

Confronted with the complexities of the FinCEN website's instructions, Mark realized the importance of dependable tax preparation software. He said, "I couldn't make heads or tails out of it, so there's no question that using tax preparation software...is a necessity.” 

At some point down the road, your clients are going to be calling upon you for help, and we can't wait until December with the hammer is about to fall.

User-friendly experience with CCH Axcess

After overcoming the initial learning curve, Mark found CCH Axcess Beneficial Ownership remarkably user-friendly. He shared, "After [the first report], they're so easy. They really are.” The software streamlined the BOI reporting process, enhancing efficiency in his practice.

Profitability through BOI reporting

Offering BOI reporting has proven profitable for Mark. Although it hasn't led to a massive surge in income, it has positively impacted his firm's profitability, validating his decision. He said, "I'm not going to have a loss. I'm going to have a decent profit."

The future of BOI reporting

Despite legal challenges to the Corporate Transparency Act, Mark anticipates a continued need for BOI reporting. With several states, including New York, embracing BOI compliance, and the expected government appeal, he advises, "You know the government is going to appeal this...so my advice is to get started on this now.”

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A model for success in BOI compliance

Mark’s successful journey to BOI compliance, facilitated by CCH Axcess Beneficial Ownership, is a testament to his proactive approach, strategic tool selection, and adaptability to evolving regulations. His story serves as a model for other CPAs, demonstrating the potential for growth and profitability in embracing new opportunities.

Aimee Hall
Product Marketing Manager, Tax

Aimee Hall is a product marketing manager for Wolters Kluwer Tax and Accounting US, focusing on the professional market. In this role, she is responsible for leading the marketing strategy for tax software products including CCH Axcess Tax, CCH ProSystem fx Tax and ATX Tax. She joined Wolters Kluwer in 2006 and lives in the Chicago suburbs.

Case Study

Beneficial Ownership Information Reporting

Beneficial Ownership Information Reporting

What public accounting firms and professionals need to know about reporting under the Corporate Transparency Act.
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