The latest estimates show that there are still more than 20 million business that need to file Beneficial Ownership Information (BOI) reports, and as the deadline approaches, firms are facing the daunting task of ensuring compliance by the end of the year. With no indication that the deadline will be extended, the pressure is on to find efficient and effective solutions. Fortunately, technology offers a way to make BOI reporting less disruptive. By leveraging CCH® DataScan, CCH Axcess™ Beneficial Ownership, CCH Axcess™ iQ, and Xpitax® BOI Outsourcing, firms can streamline the reporting process and ensure compliance with minimal hassle.
Automating data entry and report creation with CCH DataScan
One of the most challenging aspects of BOI reporting is gathering and verifying the necessary information from beneficial owners. This process can be time-consuming and prone to errors, especially when dealing with multiple stakeholders. CCH DataScan technology helps to automate this process, reducing the burden on firms.
DataScan uses advanced queries to scan and extract relevant information from CCH Axcess Tax data. This data can then be imported into CCH Axcess Beneficial Ownership using the bulk import feature. This not only speeds up the data entry process but also ensures accuracy by minimizing human error. By automating data entry, firms can save valuable time and resources, during the critical end-of-year filing rush.
Streamlining the reporting process with CCH Axcess Beneficial Ownership
CCH Axcess Beneficial Ownership offers a centralized, user-friendly dashboard that simplifies the entire BOI reporting process. This solution enables firms to quickly fill out their reports, track the status of each report from start to finish, and file directly with FinCEN from the platform.
The platform’s intuitive design includes a simple 5-step Smart Form that guides preparers through each section, ensuring compliance with the complex filing requirements. It also allows for collaboration with beneficial owners, enabling them to securely upload their identification documents and update their information without the need for user IDs or passwords. This mobile-friendly feature ensures that beneficial owners can complete their part of the process quickly and easily, reducing delays and improving accuracy.
Moreover, CCH Axcess Beneficial Ownership includes a feature to add an attester for third-party review, providing an additional layer of accuracy and compliance. Once the reports are submitted, firms can access evidence reports directly from the dashboard, ensuring transparency and accountability.
Achieving proactive compliance with predictive intelligence from CCH Axcess iQ
CCH Axcess iQ is a revolutionary tool that helps firms stay ahead of legislative changes and ensure proactive compliance. This predictive intelligence tool identifies federal and state legislative changes that may impact clients and provides detailed overviews of these events.
By leveraging predictive intelligence, CCH Axcess iQ scans client returns to identify which clients are potentially affected by new legislation, including BOI requirements. This allows firms to proactively address compliance issues and communicate with clients about necessary actions. The platform also includes pre-written letters that firms can use to inform clients about the BOI requirements in a clear and understandable manner.
Integrating CCH Axcess iQ with BOI reporting helps firms identify affected clients and communicate important information about the new requirements. This proactive approach reduces the risk of non-compliance and enhances the firm’s reputation as a trusted advisor.
