Beginning January 1, 2024, an estimated 33 million small businesses and their beneficial owners must comply with the Corporate Transparency Act (CTA) by filing a Beneficial Ownership Information (BOI) report. Industry experts estimate that nearly half, or approximately 18 million, of those small businesses will reach out to professionals for help with compliance to avoid stiff penalties including up to $10,000 in civil fines and/or up to 2 years in prison.
By offering BOI compliance as part of a business advisory relationship, firms can enhance their role as trusted advisors.
Let Xpitax help you take the stress out of filing Beneficial Ownership Information. With Xpitax BOI Outsourcing Services, you can offer your clients this service without adding more work to your existing staff, giving your firm the ability to:
- Position yourself as a trusted advisor to your clients by offering BOI services
- Grow revenue, improve staff work/life balance, and increase client satisfaction
- Maintain full visibility with CCH Axcess™ Beneficial Ownership
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Resources for existing customers
With Xpitax BOI Outsourcing Services, firms can...
Leverage CCH Axcess™ Workflow for secure file transfer and task submission
Send reporting information for file preparation to the Xpitax team through a secure process within CCH Axcess Workflow.
Receive a review-ready Beneficial Ownership Information report
Rely on the Xpitax team to complete a review-ready report, typically within 24-48 hours of submission; pending all relevant data submitted to Xpitax in a timely manner.
Real-time notifications
Receive notification to review and submit all BOI filings within the CCH Axcess Beneficial Ownership product once the Xpitax service is complete.
Maintain visibility with CCH Axcess™ Beneficial Ownership
Use CCH Axcess Beneficial Ownership to view or download existing reports filed with FinCEN, track statuses, or make future filing updates.
See Xpitax BOI Outsourcing in action
Learn more about how your firm can leverage Xpitax to file clients Beneficial Ownership Information
Navigating BOI compliance: A success story
A successful journey to BOI compliance, facilitated by CCH Axcess™ Beneficial Ownership, is a testament to a firm's proactive approach, strategic tool selection, and adaptability to evolving regulations. “At some point down the road, your clients are going to be calling upon you for help. And we can’t wait until December when the hammer is about to fall.”
Find out which clients need to file
Using AI-enabled predictive intelligence, CCH Axcess iQ identifies clients affected by federal and state legislative changes and generates natural-language event summaries and client letters to help advise affected clients.
Which information is required?
Initial BOI filings will need to be completed for large numbers of clients in 2024. Firms need to plan ahead to evaluate which entities will need to file and to ensure they have enough resources to file on time.
Webinar: What accounting firms need to know about BOI reporting
Learn how CPA firms can leverage their roles as "trusted advisors" to provide guidance to clients around the Corporate Transparency Act and FinCEN's BOI reporting rule.
Client Communication Kit for accounting firms
Although your firm may not plan to file BOI reports on behalf of any or all of your clients, you can still help by pointing them in the right direction. These resources will help your clients find a BOI reporting solution for self-filing.