ROCK HILL, SC / ACCESSWIRE / December 4, 2024 / TaxBandits, a leading, IRS-authorized e-file provider, continues enhancing its Beneficial Ownership Information Reporting (BOIR) solution with FinCEN, the Financial Crimes Enforcement Network.

In addition to streamlining the reporting process for business owners and providing a feature-rich BOIR solution for tax professionals and service providers, TaxBandits now offers businesses and preparers a full year of compliance protection through a partnership with Protection Plus.

Why Business Owners and Tax Professionals Need BOI Filing Protection

The Beneficial Ownership Information Reporting (BOIR) requirement from FinCEN is relatively new. Many businesses are handling this responsibility for the first time, while service providers are also navigating how to assist their clients effectively.

BOI filing protection is an invaluable option that is not offered through FinCEN's free platform. With this protection, businesses and preparers gain access to professional representation if they receive FinCEN notices related to their BOI report. This includes expert services to assist in achieving a resolution.

• Business owners who file their own BOI report can safeguard their filings-and their businesses-against potential inquiries and BOIR penalty notices from FinCEN.

• Tax professionals can extend this level of protection to all clients whose reports they file through TaxBandits.

BOIR Protect from TaxBandits - $1 Million Filing Defense, An Overview

Backed by Protection Plus, TaxBandits is the only provider on the market to offer a BOI Reporting solution with a full year of compliance protection, starting when FinCEN confirms receipt of the BOI report. This protection includes:

1. $1,000,000 Filing Defense

The Protection Plus Team will provide up to $1,000,000 in service to assist in resolving FinCEN notices and inquiries.

2. $10,000 Preparer Error Guarantee

In the case of legitimate errors on BOI reports that a preparer files for a business, a reimbursement of up to $10,000 is available to remedy fines and regulatory penalties.

Check out this video for an overview.

How Does TaxBandits BOIR Protect Work?

TaxBandits clients who opt into BOIR Protect can upload FinCEN notices or inquiries related to their business or, for tax professionals, their clients' businesses. In turn, TaxBandits will share this notice with Protection Plus. TaxBandits will connect their clients with Protection Plus for assistance and the next steps for assessing their situation.

When asked about this new feature, Naga Palanisamy, the President and Co-founder of SPAN Enterprises (Parent Company of TaxBandits), responded, "We are proud to partner with Protection Plus to provide our clients with added peace of mind and an extra layer of audit protection as they navigate the new BOI reporting requirements from FinCEN. As the only provider offering a full year of compliance protection, we strongly encourage all our clients, whether preparers or those filing for a single business, to take advantage of this affordable opportunity to safeguard their reporting."

Safeguard the BOIR filing process today - create a free account at TaxBandits.com.

About Protection Plus

Protection Plus provides audit support for taxpayers and tax professionals facing audits, penalty notices, or other filing-related challenges. With a team of expert representatives, including Enrolled Agents (EAs) and Certified Public Accountants (CPAs), they bring the expertise needed to represent clients and achieve favorable outcomes effectively.

About TaxBandits

The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized provider of BOI Reporting, W-9 collection, and e-filing of Forms 1099, Form W-2, 1095, 940, and 941, serving businesses, service providers, and tax professionals of every shape and size.

Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add client value and expand monetization efforts. TaxBandits API enables seamless preparation and filing of BOI Reports, 1099, W-2, 941, 940, and ACA 1095 Forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.

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, Tax990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.

Please direct all media inquiries to Stephanie Glanville, Marketing Manager, at stephanie@spanenterprises.com.

SOURCE: TaxBandits