Palm Introduces AI-Powered BOI Filing Assistant to Speed Up Compliance Process for Millions of Small Businesses

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SAN FRANCISCO--(BUSINESS WIRE)--Nov 11, 2024--

Palm, the leading identity & compliance platform, today announced the launch of its AI-powered Beneficial Ownership Information (BOI) Filing Assistant, a groundbreaking solution designed to help America's 33 million small businesses meet the January 1st Corporate Transparency Act deadline. This free tool reduces the BOI filing process from hours to minutes, making critical compliance accessible to every business owner.

"With millions of small businesses rushing to meet the BOI filing deadline, we knew we needed to create something fast & easy," said Alex Goode, Palm Co-Founder. "Our AI Assistant transforms a complex filing into a simple experience, guiding business owners through their filing step-by-step. What typically can take hours can now be completed in a few minutes."

Early users report significant benefits. John Fergus, owner of Renovate Wise, completed his filing in just 5 minutes: "I was dreading this new BOI form but Palm's AI assistant made it feel like having a friendly expert guide me through the process. What I thought would take my whole weekend took less time than calling an Uber."

The release comes at a crucial time, as all existing businesses must file their initial BOI report by January 1, 2025. Businesses formed after January 1, 2024, have just 30 days to file. Failure to comply can result in uncapped civil penalties of up to $500 per day and criminal penalties including imprisonment.

"Our mission is to help every American small business meet this deadline," added Goode. "By making our AI assistant free and accessible to all, we're removing the barriers that typically prevent small businesses from maintaining perfect compliance."

The AI BOI Filing Assistant is available immediately at getpalm.com. Palm has also established a 24/7 assistant to help business owners with questions about the filing process.

Palm is the first compliance operating system built specifically for small businesses. By combining artificial intelligence with deep compliance expertise, Palm helps business owners stay compliant without becoming compliance experts. The platform offers registered agent services, automated filing, and compliance monitoring across all 50 states. Palm is on a mission to help every small business in America maintain perfect compliance with zero effort.

For more information about Palm's free service, visit getpalm.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20241111414902/en/

CONTACT: Media Contact: Irina Nabel, Head of Communications, Palm

[email protected]

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: TECHNOLOGY FINTECH ELECTRONIC COMMERCE ACCOUNTING BUSINESS PROFESSIONAL SERVICES SMALL BUSINESS SOFTWARE ARTIFICIAL INTELLIGENCE

SOURCE: Palm

Copyright Business Wire 2024.

PUB: 11/11/2024 05:00 AM/DISC: 11/11/2024 05:02 AM

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