FileForms Launches Innovative BOI Frequent Filer Program and Professional Product to Simplify Corporate Transparency Act Compliance

FORT LAUDERDALE , Fla., Jan. 9, 2024 /PRNewswire/ — FileForms takes a bold step to revolutionize compliance reporting with its innovative Frequent Filer Program and Professional (Pro) Product. Introduced in December 2023, these cutting-edge technology solutions address the complexities and costs linked to Corporate Transparency Act (CTA) compliance and Beneficial Ownership Information (BOI) filing by offering a secure and user-friendly software platform tailored to meet the evolving needs of business owners and advisors.

“At FileForms, we’re committed to simplifying CTA compliance and BOI reporting for businesses and their advisors nationwide. With our Frequent Filer Program and the Professional (Pro) Product, we aim to define the best approach to this new federal reporting requirement, which can otherwise be a huge hassle. Compliance shouldn’t be a burden, and our innovative platform reflects our dedication to a seamless experience for our valued partners and clients.” – Frank Tumminello, CEO and Co-Founder of FileForms

Frequent Filer Program: Unlimited Changes at a Flat Rate

Keeping pace with ever-evolving compliance requirements can be a daunting task, prompting the need for a more streamlined approach to new reporting requirements. FileForms’ Frequent Filer Program presents an unprecedented BOI service offering: unlimited change of information (COI) filings, monitoring services and reminders, and a secure and easy-to-use platform for information updates at a flat rate of $199 per year. Regarded as the best value and quality Beneficial Ownership Information (BOI) reporting product on the market, this program sets a new standard for affordability and flexibility in compliance solutions.

Professional (Pro) Product: Meeting Enterprise Needs Head-On

Acknowledging the demands of its enterprise clientele with large volumes of entities, which include lawyers, accountants, registered agents, and corporate formation organizations, FileForms introduces its Professional (Pro) subscription. Already making waves in the industry, this product is designed to transform workflows, making the filing process manageable and easily integrated into entity systems and processes. 

Key Features of FileForms Pro Product:

  1. Bulk Data Upload Capability: Effortlessly upload report data using CSV or API.
  2. White-labeling: Customize the technology to embody your brand identity, elevating the user experience and fostering trust among clients familiar with your recognized brand.
  3. API Integration: Seamlessly integrate with existing systems, enhancing client experience and extending current product offerings.
  4. Firmwide Workflow Solution: Bring an unparalleled filing experience to the entire team, with permissions settings for secure access.

Impact of the Corporate Transparency Act (CTA) and BOI Reporting

The Corporate Transparency Act (CTA), enacted on January 1, 2021, requires corporations, limited liability companies, and similar entities to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA’s effective date for full implementation by FinCEN was January 1, 2024. Non-compliance with CTA and BOI reporting may result in severe penalties, including civil penalties up to $500 per day and criminal fines up to $10,000 or imprisonment for up to two years, or both.

“CTA noncompliance could be particularly burdensome for small businesses, with potential civil fines and criminal charges at stake. FileForms offers a user-friendly solution to streamline compliance, helping small businesses navigate these challenges efficiently and cost-effectively while mitigating risk.” – Kenneth Dettman, CPA, Chairman of FileForms

Not sure if you need to file? Get started with the free BOI Quiz.

FileForms understands the significance of staying ahead in compliance. Join their free webinar on January 10th at 11 am ET to learn more about the new reporting requirements and recent updates. Click here to register.

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