Just wondering what others on here are doing with BOI reporting. Are you letting your clients know about it? How much are you charging for it? Any tips or things to watch out for?
I emailed all my clients and sent them a link so they can file it themselves.
Wynne said:
I emailed all my clients and sent them a link so they can file it themselves.
Same here. We sent out emails earlier this year for clients with existing entities. For the new clients… well, it’s been a bit harder.
Wynne said:
I emailed all my clients and sent them a link so they can file it themselves.
We do the same at our office.
Wynne said:
I emailed all my clients and sent them a link so they can file it themselves.
Totally agree with this!
You could try searching this forum, this topic has been mentioned a few times. Personally, I’m not offering this. From what I’ve heard, most people aren’t either. But I’m sure there are others who are dealing with it.
@Clove
Why aren’t you doing it? Our firm found software that helps clients file, and the fines for not reporting seem really high.
Nope, I’m just warning clients about it. Not filing it for them because of possible legal trouble. The requirement to update it within 30 days is a nightmare, and most clients can do it themselves in under 5 minutes. Saves them money too.
@Nuri
Our insurance won’t cover anything related to CTA. The penalties for non-compliance are steep.
Rowan said:
@Nuri
Our insurance won’t cover anything related to CTA. The penalties for non-compliance are steep.
Same here, our insurance wouldn’t comment on it. That made the decision for me. No guidance from the bar association either, so I’m staying away.
I’m not preparing them for clients either, but I did include a section in my yearly newsletter explaining how they can file it themselves. I also added a note in their tax return cover letters about the BOI requirement. If they don’t file it, it’s not my problem.
Nope. I’m pointing them to the FinCEN website and giving them a brochure I printed. This isn’t tax work, it’s closer to legal stuff. Not my problem.
We’re sending an email in November explaining how to file it online and making sure clients know we won’t do it for them.
We’re sending it back to the clients’ lawyers and advising them of the requirement. Like others have said, it’s borderline legal work and not covered in our engagement letters.
Most CPAs I know aren’t handling these filings. They’re telling clients it needs to be done, and providing links or resources, but not doing it themselves.
Insurance companies and bar associations are staying quiet on whether this counts as legal work. But there are some tricky situations, like if a trust owns part of a company, does the trustee file? Or if one company owns another, who has to file? If you get involved and the client doesn’t tell you about changes, they’ll blame you when they get fined.
I told my clients to do it themselves or pay me $250 per owner. Also, I said it’s due October 31, not December. Some people need a deadline buffer for when they forget.
We charge $300. We had about 400 clients ask us to handle this for them.
Morgan said:
We charge $300. We had about 400 clients ask us to handle this for them.
What software are you using? We’re charging $450.
Morgan said:
We charge $300. We had about 400 clients ask us to handle this for them.
What software are you using? We’re charging $450.
We’re doing it manually on the FinCEN site.