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Księgowość i podatki21 sierpnia, 2024

The case for BOI reporting compliance in accounting firms

Po:Aimee Hall

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.

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Help clients avoid harsh penalties

Non-compliance with BOI reporting requirements can result in significant penalties for businesses, and even jail time. These penalties can be both financial and reputational, potentially harming a company’s operations and standing. Accounting firms can help their clients avoid these harsh penalties by ensuring that all BOI reports are filed accurately and on time. This protective measure is a valuable service that clients will greatly appreciate, further solidifying the firm’s role as a trusted advisor.

Building client relationships

Offering BOI reporting compliance services is an excellent way for accounting firms to build and strengthen client relationships. By providing this essential service, firms demonstrate their commitment to their clients’ success and compliance. This added value can lead to increased client loyalty and satisfaction. 

Additionally, firms can use BOI reporting compliance as an opportunity to educate clients about the importance of regulatory compliance. Informed clients are better prepared to meet other compliance requirements, leading to long-term client retention. Clients are more likely to trust and rely on a firm that goes above and beyond to meet their needs, fostering long-term partnerships.

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Competitive advantage

By offering BOI reporting compliance services, accounting firms can differentiate themselves from competitors who do not provide this service. This can attract new clients who are specifically looking for comprehensive compliance support. Being proactive in offering these services can set a firm apart in a crowded market, showcasing their commitment to staying ahead of regulatory changes and client needs.

Revenue stream

BOI reporting compliance services can create a new revenue stream for accounting firms. This service can be offered as part of a broader compliance package or as a standalone service, providing additional income opportunities. By diversifying their service offerings, firms can reduce seasonality, improve their financial stability and increase growth potential.

Seize the opportunity: Enhance your firm’s value with BOI reporting compliance

Incorporating BOI reporting compliance services into an accounting firm’s offerings is a strategic move that benefits both the firm and its clients. By helping new companies meet their filing requirements, building stronger client relationships, gaining a competitive advantage, and creating new revenue streams, accounting firms can enhance their value proposition and foster long-term success. Now is the perfect time for accounting firms to step up and offer this crucial service to their clients.

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.

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