CPAs: You Can Help Your Clients File BOI Reports – Here’s how.

The clock is ticking! The end-of-year deadline for Beneficial Ownership Information (BOI) reporting is fast approaching, and your clients may be counting on you for guidance.

With the end-of-year deadline fast approaching, American Certified Public Accountants (CPAs) have an invaluable duty to assist their clients in filing Beneficial Ownership Information (BOI) reports. This new reporting requirement, mandated by the Corporate Transparency Act (CTA), requires certain business entities in the United States to disclose information on individuals with significant ownership or control. For CPAs, this is both a responsibility and a revenue opportunity—not only can they help clients comply but also leverage partnerships with companies like Venture Vault to streamline the process while earning commissions as affiliate marketers.

Don’t worry – we’ve made a very comprehensive guide for you to be the best asset to your clients looking for help with their BOI Reports.

The Importance of BOI Reporting and the Upcoming Deadline

BOI reporting requirements are part of the Corporate Transparency Act, enacted to promote transparency and reduce illicit activities like money laundering and terrorism financing. It’s crucial for businesses to comply to avoid penalties (big-time fines and even jail time), and CPAs can play a pivotal role by educating their clients, assisting them with their filings, and ensuring accurate submission before the deadline hits – Ahem, December 31, 2024.

The countdown has begun.

How You Can Help Your Clients with BOI Reporting

Here’s a step-by-step overview of how CPAs can support their clients in the BOI filing process:

1. Educate Your Clients
   Some business owners might be unaware of the Corporate Transparency Act or believe that it doesn’t apply to them. (We have made it a priority to communicate this to all of our own clients, and yet still have questions coming in all the time.) If you haven’t communicated to your clients that the deadline is approaching quickly, you should do so as soon as possible. Keep in mind that only specific entities are required to file BOI reports, mainly small businesses and corporations with limited exceptions for publicly traded companies, large operating companies, and certain regulated entities.
2. Identify the Beneficial Owners
   The BOI report must include information about each beneficial owner with at least 25% ownership or significant control of the company. And yes, in the 9 states (including Texas) where Community Property is dictated, spouses/partners of beneficial owners are also considered beneficial owners, outside of a prenuptial agreement stating otherwise.
3. Collect Required Information
   BOI reports require specific data, including the name, date of birth, residential address, and an identifying number (such as a driver’s license or passport number) for each beneficial owner. CPAs can streamline this process by creating a checklist to ensure clients gather and provide all required information.
4. Assist with Filing or Guide Through the Process
   While some CPAs may file the BOI reports directly on behalf of clients, others may prefer to guide them through the steps. CPAs can ensure clients accurately complete the necessary forms and submit them before the deadline.
5. Offer a Filing Service through a third party, like Venture Vault
   To make the process even smoother, CPAs can partner with Venture Vault, a platform that specializes in helping clients file BOI reports, amongst many other business services. Venture Vault’s services simplify the filing process by providing a user-friendly interface, automation, and support resources tailored specifically for each individual user.

Introducing Venture Vault: An Essential Resource for CPAs

Venture Vault offers an intuitive solution for handling BOI filings, designed to make compliance easy and accessible for businesses. For CPAs looking to offer clients a reliable way to file, Venture Vault provides a seamless interface where business owners can enter the required information and submit it directly to the Financial Crimes Enforcement Network (FinCEN), which oversees BOI compliance.

Key Features of Venture Vault

1. Automated Filing Process
   Venture Vault’s BOI platform automates many of the steps involved in BOI reporting. Business owners only need to input their information once, and the platform handles the rest, ensuring accurate and timely filing.
2. Step-by-Step Guidance
   For clients who are unfamiliar with BOI reporting, Venture Vault provides an easy-to-follow process with prompts to guide them through each step. CPAs can trust that their clients will be supported and informed throughout the filing process.
3. Secure Data Handling
   Given the sensitivity of the information required, security is a top priority for Venture Vault. The platform uses advanced security measures to protect client data, giving CPAs and their clients peace of mind about data safety and privacy.
4. Access to Customer Support
   In cases where clients have questions or encounter issues, Venture Vault offers dedicated customer support. This is a valuable resource for CPAs who want to ensure their clients receive quick assistance without needing to intervene personally.

How CPAs Can Become Affiliate Marketers for Venture Vault

Beyond providing clients with an efficient filing solution, CPAs have an opportunity to offload the burden of filing, (which, may honestly be where you’re lanidng right now!) and earn additional income through our Affiliate program. By referring clients to Venture Vault, CPAs can earn a commission on each successful referral, creating a new revenue stream while assisting clients with compliance. Email us here to sign up.

Steps to Join the Venture Vault Affiliate Program

1. Sign Up as an Affiliate
   CPAs can sign up for Venture Vault’s affiliate program, which provides them with a unique affiliate link and QR code to share with clients. This link tracks referrals, meaning that every time one of your clients signs up for Venture Vault, you get paid.
2. Promote Venture Vault to Clients
   Once signed up, CPAs can share their affiliate link with clients via email, newsletters, and even text message. Highlighting Venture Vault’s convenience and support services makes it an appealing choice for clients who need an accessible filing solution.
3. Earn Commissions on Referrals
   For every client who uses the affiliate link to file their BOI report, CPAs earn a commission. This can quickly add up, particularly as more businesses seek assistance with compliance. Venture Vault’s affiliate program rewards CPAs for their trusted recommendations, creating a win-win for both parties.
4. Leverage Marketing Resources
   Venture Vault provides marketing resources to help affiliates promote the platform effectively. CPAs can utilize pre-made graphics, sample emails, and promotional materials to make client outreach easier and more engaging. Email us here to sign up.

Final Thoughts

With the December 31 deadline on the horizon, it’s crucial for CPAs to ensure their clients are compliant with BOI reporting requirements. By partnering with Venture Vault, CPAs can make the filing process simple and straightforward for their clients, ensuring that all necessary information is submitted on time. Additionally, becoming an affiliate marketer for Venture Vault enables CPAs to earn commissions on referrals, adding a valuable revenue stream to their practice.

This year, helping clients meet BOI requirements doesn’t have to be a burden—it can be a growth opportunity. By assisting clients with BOI filings and leveraging Venture Vault’s affiliate program, CPAs can enhance client satisfaction, boost compliance, and earn additional income. The clock is ticking, so now is the time to guide clients through BOI compliance and seize the affiliate marketing opportunity with Venture Vault.