We need that UAW guy ...

[pkcpa]

Shawn Fain to negotiate on matters such as BOI reporting- especially the penalties. The AICPA and state 

societies were focused on granting new businesses 90 days to report (vs 30) and also to delay the entire

implementation for 1 year. OK, but $ 500 per day penalty is rather cruel, not to mention 2 years in federal

prison. Assuming that tax preparers are permitted to file BOI reports- how would you price the service

given the penalties if you overlook a client filing? Is this reporting really necessary?

I will be 69 next month and a CPA for 40 years. I personally know of no person involved with money

laundering. However, I am aware of a public official with 20 shell companies and 150 suspicious activity

reports.

[BobKamman]

Where was everyone three years ago, when the law was enacted with bipartisan support?  (322-87 in the House, 81-13 in the Senate.)  The time for moaning and groaning has ended.  You still have to take your shoes off at the airport (I don't, I aged out) and you still have to live with this reporting requirement, so just get on with it.  

No fees should be charged for filing the initial report.  That's not how Intuit makes money, and it's not how you should do it either.  They sell a subscription service that gives you a license to use their software and to download frequent updates.  You have to sell a subscription service, too.  Every time there is a change in the entity's information, it has to be reported.  If you charge your clients for filling out a form and then tell them "see you next year," that's probably malpractice.  Charge them $100 and tell them that includes the first two updates, if needed.  After that, it's $50 each time.  You should send them a monthly email reminding them to tell you if anything has changed. Maybe you could get away with quarterly.  

The law, of course, discriminates against women who follow the ancient custom of changing their name when they get married.  But maybe that will contribute to that practice being abandoned.  

[PATAX]

@pkcpa👍 you hit the nail on the head. Here's another thing to ponder: I believe most of these companies that are involved with financial crimes are fly by nighters, IE they are not in business for years. Therefore why wasn't there a grandfather provision in this boi joke to exclude entities who have been in business for five or more years?