ROCK HILL, SC / ACCESSWIRE / July 18, 2024 / The Corporate Transparency Act (CTA) mandates that most small businesses submit Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN).

This regulation was passed to prevent illicit activities such as money laundering, financial terrorism, and tax fraud. This new requirement poses a challenge for tax professionals who plan to file these reports for all of their eligible clients. This includes accounting firms, law firms, real estate companies, registered agents, investment companies, etc., who handle multiple clients with numerous reports.

TaxBandits, an IRS-authorized e-file services provider renowned for handling and submitting Form 1099, W-2, ACA, 1095, and other tax forms to the IRS, is now offering a comprehensive BOI solution specifically designed to handle the challenges in managing BOI reporting for multiple businesses.

A Comprehensive BOIR Solution For High-Volume Reporting

With over a decade of experience, TaxBandits is an IRS-authorized E-file provider that incorporates a modernized interface with numerous intuitive features intended to simplify the BOI reporting process for tax professionals and businesses across all industries.

BanditConnect: Seamless Client Communication

TaxBandits has enhanced its innovative client portal, allowing CPAs and tax professionals to transform how they communicate with clients at every stage of the BOI reporting process. This creates a secure channel where CPAs can efficiently manage their clients and address their needs, a welcome solution at a time when the IRS is heavily focused on data security and ensuring that taxpayers are protected against data threats.

With its advanced features designed for seamless collaboration and communication, this client management tool enables effortless information sharing and real-time collaboration, ensuring that filers and their clients can work together efficiently on the Beneficial Ownership Information (BOI) Report. In addition, this comprehensive tool enhances data protection with advanced security measures, safeguarding sensitive data from unauthorized access.

From the CPA's perspective, this client management tool is an ideal way to elevate their branding. It allows tax pros, law firms, accounting firms, and other filers to customize the client portal with their own branding elements, such as logos, favicons, URLs, and themes. Additionally, its email customization features help firms strengthen their brand identity and recognition among their clients.

BanditCollab: Powerful Team Management Tools

TaxBandits enables tax professionals to grow their teams with BanditCollab, a suite of staff management tools. With BanditCollab, tax professionals can invite their team to collaborate within their TaxBandits account, following a structured workflow that they can fully control.

After inviting staff members, the account Admin or an assigned Co-Admin can assign them specific roles, including Preparer, Approver, and Transmitter. Once staff members are given a role based on their responsibilities in the BOI reporting process, they can also be assigned to specific clients, further clarifying their tasks and accountability.

This tool not only enhances productivity but also facilitates clear responsibilities, effective task management, and seamless document sharing within teams.

When asked about this complete BOIR solution, CEO and Co-Founder of SPAN Enterprises (parent company of TaxBandits), Agie Sundaram, responded, "Our team is very excited about our BOIR solution. As the first provider to successfully complete the API integration with FinCEN, we provide a streamlined solution that is not only the most efficient, but completely scalable to meet the needs of professionals that manage BOI filings for their clients."

Affordable, Large-Scale BOI Reporting

TaxBandits offers options for unlimited annual BOI filings, providing a flexible and comprehensive reporting solution for various businesses. This service allows for unlimited submissions of Beneficial Ownership Information (BOI) reports, ensuring that CPAs, law firms, accounting firms, and other high-volume filers can file as many reports as needed throughout the year. Additionally, the service includes lifetime corrections and updates, allowing required changes to be made in the report at any time without extra charges.

An API Solution for BOI Reporting

TaxBandits provides an API for BOIR that enables tax professionals and software providers to automate the BOI reporting right from their own software or portal. The developer-friendly API comes with detailed documentation, a secure sandbox environment, open SDK libraries, and various other tools that enable clients to develop confidently.

About TaxBandits

TaxBandits is a SOC 2 Certified, IRS-authorized provider specializing in various tax forms, including Form 1099, Form W-2, Form 1095-B, Form 1095-C, Form 940, Form 941, and Fillable W-9. Whether serving a business, service provider, or tax professional, TaxBandits offers a comprehensive solution for all the year-end filing needs.

TaxBandits also offers an API for software providers and high-volume filers, allowing seamless integration to streamline the preparation and e-filing of 1099, W-2, 941, 940, ACA 1095 forms, W-9, and BOI reports. In addition, the API offers Bulk TIN Matching and Instant TIN Matching services to ensure accurate filings.

Firms interested in pursuing high-volume BOI reporting and API options are welcome to contact the Business Development Team, by email at sales@taxbandits.com or by phone at 704-684-4758.

About Span Enterprises

Headquartered in Rock Hill, South Carolina, SPAN Enterprises has created cutting-edge software solutions for e-filing and business management for over a decade.

Span Enterprises' suite of products includes TaxBandits, Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.

For media inquiries, please contact:
Stephanie Glanville
Marketing Manager
SPAN Enterprises
stephanie@spanenterprises.com

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SOURCE: TaxBandits