The Corporate Transparency Act (CTA) has introduced new Beneficial Ownership Information (BOI) reporting requirements that many businesses must comply with. As the initial deadline has passed, accounting firms find themselves at a crossroads, unsure whether to offer BOI reporting compliance services. However, as more clients become aware of these requirements, the demand for guidance will grow. Accounting firms will need to decide whether to step up and provide this essential service, helping clients navigate the complexities of compliance and building stronger relationships in the process.
Some clients may have already missed their deadline
Not every client can wait until the end of the year to file BOI reports. When accountants assist clients in forming new businesses, it’s essential to ensure that these new entities comply with BOI reporting requirements within 90 days. This part of the regulation is already in effect, making it imperative for new business formations to file promptly. Accounting firms can play a crucial role in guiding their clients through this process, ensuring compliance from the outset and establishing themselves as trusted advisors.
Avoid an end-of-year rush
Currently, only a small fraction of affected businesses have filed their BOI reports, meaning millions of companies will need to file in the coming months. Accounting firms need to get started now to avoid being overwhelmed with too many reports to file before the end-of-year deadline.
While some firms may think they are not going to offer this service, their clients may expect them to offer it. If firms aren’t proactive about it now, they may face disappointed clients at the end of the year and end up doing it anyway.
By being proactive about offering BOI reporting services, firms can help their clients avoid this last-minute scramble. This not only ensures timely compliance but also allows firms to manage their workload more effectively, providing better service to all clients.
