This is a YouTube video titled "Accounting Firms NEED TO KNOW THIS❗" created in January 2025. The content features a discussion between two speakers about a new 2024 requirement for LLCs to register with the Department of Treasury via the BOI report, highlighting potential fines and prison time for non-compliance. The speakers provide advice specifically for accounting firms on how to assist clients with this requirement and monetize the service, positioning themselves as trusted financial advisors.
Starting in 2024, there's a new requirement where you have to register your LLC with the Department of Treasury. Failure to register your LLC can cost you up to $10,000 in fines or even up to two years in prison. It's called the BOI report.
Okay, so one of the things he's talking about, BOI Report here, is absolutely right. Here's how this is relevant to you as an accounting firm. What you can do is you can handle this for your clients, and you can charge them for a fee. That way, you can go back to every single client, say, hey, it's gonna be 100, 200, 300, or 500, or whatever. You so choose dollars to handle each of the report, and that way, you're showing that you're their trusted financial guide or part advisor and walk them through something that is potentially scary. You heard there were some harsh fines for that, so that's what I would do if I was an accounting firm and I want to make a little bit of extra money helping my clients do this. Follow for more tips on growing your accounting firm.
