The Albany Gazette - BOI Reporting Is Back: FinCEN Announces New BOIR Filing Deadline & TaxBandits Facilitates Seamless Reporting Process

ROCK HILL, SC / ACCESS Newswire / February 20, 2025 / The Financial Crimes Enforcement Network (FinCEN) has officially reinstated Beneficial Ownership Information (BOI) reporting and set a new filing deadline of March 21, 2025. After a temporary suspension, this update reinstates compliance requirements for businesses subject to the Corporate Transparency Act (CTA).

FinCEN's Latest BOI Reporting Update

The CTA mandates that certain U.S. entities disclose ownership details to FinCEN to enhance transparency and prevent financial crimes. While BOI reporting was temporarily halted due to legal proceedings, FinCEN's latest announcement reaffirms the requirement.

Here are the key points outlined in FinCEN's update released on February 18, 2025:

• The reporting deadline has been extended to 30 calendar days after February 19, 2025, for most companies. This new deadline is March 21, 2025.

• During this 30-day period, FinCEN will assess its options to modify the BOI reporting deadline further while prioritizing reporting for those entities that pose the most significant national security risks.
  FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce the burden for lower-risk entities, including many U.S. small businesses.

• Reporting companies that qualified for certain disaster relief extensions can still follow their previously established extended deadline.

TaxBandits Simplifies BOI Reporting Compliance

TaxBandits is designed to help businesses navigate the filing process, offering step-by-step guidance and secure e-filing options to help clients meet the new deadline with ease.

BanditGuarantee: Meet BOIR Deadlines With Confidence

Errors may occur in BOI reports, but with TaxBandits, businesses can stay compliant with FinCEN requirements without stress. The BanditGuarantee gives businesses the following features:

• BOIR Protect: Clients can stay focused on their business operations while TaxBandits handles FinCEN notices and inquiries, offering up to $1M in BOI filing defense and 1-year of compliance coverage powered by Protection Plus.

• Free Corrections & Updates: Clients can make free corrections or updates within 7 days.

• Free Retransmission: If FinCEN rejects a BOI report due to errors, clients can fix the errors with TaxBandits' assistance and retransmit at no extra charge.

• Refund for Duplicate Filing: If a BOI report is rejected due to duplicate filing, TaxBandits will refund the filing fee in the form of BanditCash (wallet money) for future filings.

Key Features Of The TaxBandits BOI Reporting Solution

• Intuitive Platform: The TaxBandits interface is user-friendly and designed to simplify the BOI reporting process with step-by-step guidance to ensure accurate filing and compliance.

• Easy Corrections: Clients who need to file corrected or updated reports can modify existing reports without starting over, ensuring quick updates and continued compliance.

• Invitations For Beneficial Owners: Clients can send secure invitations for beneficial owners to complete their details directly, reducing administrative workload.

• AI Data Extraction: While uploading identification documents, clients are not required to manually enter the data. They can simply upload the file and let the AI populate key information.

• World-Class Customer Support: TaxBandits offers expert guidance to navigate BOI reporting complexities effectively with a dedicated support team available via live chat, phone, and email.

• Smart AI Assistance: BanditAI, the built-in AI assistant of TaxBandits, assists clients with every step of the reporting process.

Exclusive Features for High-Volume Filers and Tax Professionals

• Bulk Upload: Tax pros, law firms, and other high-volume filers can make use of a standardized CSV template to import and process numerous reports at once.

• Client Management: Tax pros can provide a secure portal for each of their clients, enabling collaboration, data sharing, and client approval. In addition, they can customize and send engagement letter templates, request e-signatures, and update their terms with ease.

• Team Management: With the comprehensive team management tool of TaxBandits, tax pros can invite their team members, assign them roles, and delegate BOI filing responsibilities.

TaxBandits remains committed to providing businesses, tax pros, and service providers with the tools and resources they need to e-file BOIR on time.

For more information on BOI reporting and to get started with e-filing, reporting companies can visit www.taxbandits.com.

About TaxBandits

TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider specializing in various tax forms such as Form 941, Form 940, Form 1099, Form W-2, Form 1095-C, Form 1095-B, and Form W-9, etc., and BOI reporting. Serving businesses, service providers, or tax professionals of every shape and size, TaxBandits offers a complete solution that fulfills all filing needs.

About SPAN Enterprises

Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade.

The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.

Please direct all media inquiries to Caleb Flachman, Marketing Manager, at caleb@spanenterprises.com.

SOURCE: TaxBandits

View the original press release on ACCESS Newswire

(F.Allen--TAG)