The Corporate Transparency Act (CTA) mandates that most U.S. businesses file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). This requirement, effective January 1, 2024, has introduced new challenges for Certified Public Accountants (CPAs) and accounting firms. To navigate these complexities, leveraging specialized BOI software is essential.fincenfetch.com+4securecompliance.us+4Wolters Kluwer Solutions+4fincenfetch.com
What Is BOI Software for CPAs?
BOI software assists CPAs in collecting, verifying, and submitting beneficial ownership data to FinCEN. These tools automate the reporting process, ensuring compliance with the CTA and reducing manual errors.fincenfetch.comWolters Kluwer Solutions
Key Features to Look for in BOI Software
1. Automated Data Collection
Efficient BOI software automates the gathering of ownership information, minimizing manual input and reducing the risk of errors.fincenfetch.com+1Wolters Kluwer Solutions+1
2. Direct Filing Capabilities
The ability to file reports directly with FinCEN streamlines the compliance process and ensures timely submissions.Wolters Kluwer Solutions+7complyboi.com+7fincenfetch.com+7
3. White-Labeling Options
Customizable branding features allow firms to maintain their identity while offering BOI filing services to clients.Wolters Kluwer Solutions+5complyboi.com+5fincenfetch.com+5
4. Client Communication Tools
Automated notifications and reminders help keep clients informed and engaged throughout the filing process.complyboi.com+1complyboi.com+1
5. Security and Compliance
Robust security measures, including encryption and compliance with industry standards like SOC 2, protect sensitive client data.
Top BOI Software Solutions for CPAs
1. ComplyBOI
-
Overview: Offers a white-labeled platform for BOI reporting, allowing firms to brand the filing process as their own.securecompliance.us+7complyboi.com+7Wolters Kluwer Solutions+7
-
Key Features:
-
Automated filing with FinCEN
-
Customizable forms and subdomains
-
Client and firm filing confirmations
-
Flat-rate pricing per filingWolters Kluwer Solutions+7complyboi.com+7complyboi.com+7complyboi.com+1complyboi.com+1
-
-
Pricing: $25 per filing for new firms; $50 per filing thereafter.complyboi.com+1complyboi.com+1
-
Security: Data encrypted with AES-256 and transmitted via HTTPS.
2. FincenFetch
-
Overview: Designed for CPAs managing multiple client BOI filings, offering a scalable solution.complyboi.com+3fincenfetch.com+3fincenfetch.com+3
-
Key Features:
-
Automated data collection and verification
-
Direct filing with FinCEN
-
Integration with existing CPA software
-
Dedicated support and compliance updatesfincenfetch.com+1Wolters Kluwer Solutions+1complyboi.com+4complyboi.com+4complyboi.com+4
-
-
Pricing: Varies based on firm size and needs.
-
Security: SOC 2 certified; data encrypted in transit and at rest.securecompliance.us+1fincenfetch.com+1
3. CCH Axcess Beneficial Ownership
-
Overview: Part of Wolters Kluwer’s suite, this solution integrates with other CCH tools for comprehensive tax and compliance management.
-
Key Features:
-
Smart form for guided data entry
-
Bulk import capabilities
-
Collaboration tools for beneficial owners
-
Predictive intelligence for legislative changescomplyboi.com+2Wolters Kluwer Solutions+2Wolters Kluwer Solutions+2
-
-
Pricing: Contact for pricing details.complyboi.com+1securecompliance.us+1
-
Security: Complies with industry standards; data encrypted during transmission.complyboi.com+2complyboi.com+2complyboi.com+2
4. SecurePRO by Secure Compliance
-
Overview: A flexible BOI reporting platform tailored for professionals, offering customizable features.Wolters Kluwer Solutions+5securecompliance.us+5complyboi.com+5
-
Key Features:
-
Auto-collect beneficial owner information
-
Customizable cover letters and emails
-
Bulk payment options
-
ISO 27018 and SOC 2 compliancefincenfetch.com+7securecompliance.us+7complyboi.com+7
-
-
Pricing: One-time fee starting at $995, with annual entity subscriptions.securecompliance.us
-
Security: Advanced encryption and multi-factor authentication.
How to Choose the Right BOI Software for Your Firm
When selecting BOI software, consider the following factors:
-
Firm Size and Client Volume: Larger firms may require scalable solutions with bulk filing capabilities.complyboi.com
-
Integration Needs: Ensure the software integrates seamlessly with your existing accounting and tax tools.
-
Budget: Evaluate pricing structures to find a solution that fits within your firm’s budget.
-
Support and Training: Opt for providers that offer comprehensive support and training resources.fincenfetch.com
Conclusion
Implementing the right BOI software is crucial for CPAs to ensure compliance with the Corporate Transparency Act. By automating the reporting process, firms can save time, reduce errors, and enhance client satisfaction. Evaluate the options above to find the best fit for your firm’s needs.securecompliance.us+1Wolters Kluwer Solutions+1securecompliance.us+3complyboi.com+3Wolters Kluwer Solutions+3
Frequently Asked Questions
1. What is the Corporate Transparency Act?
The Corporate Transparency Act requires most U.S. businesses to disclose their beneficial owners to FinCEN to combat money laundering and other illicit activities.
2. Who is required to file a BOI report?
Most U.S. corporations, limited liability companies, and similar entities are required to file a BOI report, with certain exemptions.
3. What information is required in a BOI report?
The report must include details about the beneficial owners, such as name, date of birth, address, and identification numbers.
4. What are the penalties for non-compliance?
Penalties for failing to file or providing false information can include fines and potential criminal charges.
