TaxBandits Introduces BOIR Protect: One Year of FinCEN Compliance Coverage

Learn what this coverage includes and the benefits of choosing this option when filing your BOI report with TaxBandits.

Stephanie Glanville | December 3, 2024 | Read time: 4 minute(s) | BOI Reporting, TaxBandits Features | No Comments

TaxBandits BOIR Protect compliance coverage

Under the Corporate Transparency Act (CTA), certain small businesses are required to submit their BOI report to FinCEN before January 1, 2025. With the BOIR deadline fast approaching, ensuring your filing is done accurately is more important than ever.

Navigating these reporting requirements can be challenging, especially with the deadline looming and a higher probability of errors leading to FinCEN notices and penalties! But TaxBandits has got you ‘covered’.

TaxBandits has partnered with Protection Plus to offer a full year of FinCEN compliance coverage. This blog explores what this coverage includes and the benefits of choosing this option when filing your BOI report with TaxBandits.

BOIR Protect – An Overview

BOIR Protect is a protection plan that offers coverage against any compliance issues regarding your BOI report, including FinCEN notices, inquiries, or audits.

With BOIR Protect, you can be confident that if there are any issues with your BOI report, you’ll have the necessary support to resolve them quickly and effectively without the added financial burden or stress.

What’s Covered in BOIR Protect?

$1,000,000 BOI Filing Defense: If you receive a notice or inquiry from FinCEN regarding your BOI filing, the protection plan provides up to $1,000,000 in services to assist in reaching a resolution.

$10,000 Preparer Error Guarantee: If a legitimate error in a BOI filing results in fines or penalties, the protection plan covers up to $10,000 in reimbursements for amounts you pay.

BOIR Protect Exclusions

While BOIR Protect offers valuable coverage, there are certain circumstances where the protection will not apply. These exclusions include:

Reports Not Yet Approved by FinCEN: If FinCEN has not yet approved your BOI report, it will not cover any issues that arise.

Late Filings: BOIR Protect will not apply if your BOI report is filed after the deadline set by FinCEN.

Incorrect or Inconsistent Reports: If your report contains known inconsistencies, missing information, or inaccuracies, it will not be covered by BOIR Protect.

Negligence or Fraud: If the BOI report was prepared with negligence, recklessness, intentional misrepresentation, or fraud, BOIR Protect will not cover any associated costs or penalties.

Criminal Investigation: If the BOI report is involved in a criminal investigation, BOIR Protect will not provide coverage.

Final Thoughts

BOIR Protect is included with all our annual subscription plans—Mini Bandito and Bandito. For Pay-as-You-Go clients, it’s available with Annual and One-Time Filing with BOIR Protect packages.

With BOIR Protect, your business is safeguarded against potential filing issues and penalties, giving you peace of mind.