Setting up BOI Custom Task

Currently, most entities must comply with the Corporate Transparency Act by filing a “Beneficial Ownership Information” (BOI) Report. The due dates have changed once and possibly may change again, but our understanding of the current due dates are (1) the due date for entities that existed on January 1, 2024 is December 31, 2024 (2) for entities that are created on or after January 1, 2024 the due date is 90 days after the date the entity was formed and (3) the due date for or any changes to an entities BOI must be made 30 days after the change happens.

If you wish to set up a due date reminder for those entities that are due 90 / 30 days after formation / change date, then you will need to set it up as an "Undefined Task".

• Click the New Jobs button
• Find the "Undefined" Job Type near the bottom of the screen
• Select the appropriate Undefined Type - "One Time Task"
• Now type in Task (for example BOI-New) and pick whatever due date is appropriate, i.e., 90 days from formation date or 30 days from change.

For those reports that are due December 31, 2024, your firm could do the same thing as described above for new entities. Create an "Undefined" Non-Repeating task and type in "BOI-Dec" with a due date of December 31, 2024.

If you prefer to set up a Custom Task to handle the group of existing entities, you will need to do the following:

Create a Custom Rule

• Log in with EXCLUSIVE RIGHTS (the check box on the log in screen)
• Go to the menu | Tasks | Edit Tasks and Rules|
• Select | Edit or Add New Rule |.
• Select | New Rule |.
• Enter a Rule Name and Description (Example BOI 2024-Dec)
• Frequency = Annual
• Period End = Calendar Year (Important!)
• Months past period end = 12
• Day of the month = Select the box "Check if due at end of month"
• Select Save Rule
• Close the Rule Screen

Create a the Custom Task

• Select New Task
• Enter the Task Name and Task Description (Example BOI Dec)
• Select "Select Rule" and choose the Rule you just created.
• Save the Task
• Close the New Task Screen

Notes

• Now you should be able to use this custom task as you would any other task.
• We strongly suggest you use Calendar Year for the Period End above as this will eliminate the vagaries associated with FYE.
• One key difference is that the BOI due December 31, 2024 will usually be a "One Time Job" so as you add the new task you will need to remember to check the "Non-repeating" choice at the bottom of the New Job screen. If you do not, then it will roll forward to the next year and you will need to delete the future job at some point.
• You may want to create a Task Set with only the BOI job in the set to use when adding this job to multiple clients.