As the Corporate Transparency Act (CTA) reshapes compliance requirements across the U.S., CPAs and law firms are presented with a unique revenue opportunity: Beneficial Ownership Information (BOI) filings. But how do you set the right price for BOI Filing Fees without undercutting your firm’s value or leaving money on the table? In this guide, based on insights from conversations with more than 5,000 firms, we’ll dive into industry trends and strategic pricing insights to help you navigate this profitable compliance service.
By the end of this post, you’ll know how to structure your BOI reporting fees, maximize revenue through ongoing compliance services, and streamline your process with automation.
Understanding BOI Reporting Requirements
The BOI reporting requirement is part of the Corporate Transparency Act (CTA), aimed at increasing transparency and combating financial crimes. Businesses must disclose their beneficial ownership details, including individuals who own or control at least 25% of the entity.
Firms will need to review clients’ records carefully to ensure compliance, especially in the first year of BOI reporting when data may be incomplete or difficult to gather.
Initial Year BOI Reporting: Time and Complexity
Typically, firms spend 1-2 hours preparing and submitting BOI reports for clients, depending on the complexity of the ownership structure. A more complex client means more time spent on ensuring compliance, which justifies higher BOI Filing Fees.
Incomplete or inaccurate data can significantly extend the time spent on filings, which must be factored into your pricing model.
How Much Are Firms Charging for Initial BOI Filings?
Pricing for BOI Filing varies widely based on firm type, location, and industry. Here’s a breakdown of current market trends:
- Law Firms:
- Typically charge between $400 and $600 per BOI report.
- This higher range reflects the expertise and specialized legal services provided.
- Accounting Firms:
- Generally charge $300 to $450 per filing.
- Prices may be slightly lower, as accounting firms may offer more standardized filing services.
📈 Market Trends for BOI Filing Fees:
- Average Cost: Most filings cost around $400, based on the common range of pricing in both industries.
- Volume Discounts: Some firms, particularly accounting firms, may offer lower prices when they handle larger filing volumes.
Ultimately, how much you charge for a BOI filing will depend on whether you’re an accounting firm or a law firm, with law firms often able to charge more due to the specialized legal services they provide. However, most firms across both industries tend to fall within a similar pricing range. Staying in line with these market trends can help ensure your rates remain competitive while still maximizing profitability.
Geographic Pricing Differences
BOI Filing Fees are heavily influenced by geographic location. Firms in metropolitan or high-cost-of-living (HCOL) regions tend to charge more, while smaller firms outside these areas offer more competitive rates. Additionally, larger businesses with more complex ownership structures can justify higher fees due to the extra time and effort required for the filing.
Pricing for Ongoing BOI Filing
Beyond the first-year filing, businesses are required to update BOI reports within 30 days of any ownership changes, presenting a consistent revenue stream for firms. Many companies prefer to outsource this ongoing compliance to professionals to avoid potential penalties.
🚨 Cost of Failing to File Updates: $591 per Day
Non-compliance with BOI updates can lead to severe penalties, with fines reaching $591 per day. This makes it easier for firms to position their ongoing compliance services as a necessary investment for clients.
➡️ Ongoing BOI Filing Fees
Updated reports are typically billed at 50% of the initial report cost. For example:
- Law Firms: $200 – $300 per updated report
- Accounting Firms: $150 – $225 per updated report
Many firms offer annual compliance packages that include ongoing support, reminders about filing deadlines, and data storage for previous reports. These packages can generate recurring revenue and provide convenience to clients.
📌 Example Compliance Packages
- $50/year: Data storage, reminders, and discounted updated reports (e.g., $150 per report).
- $200/year: Includes up to two updated reports per year, plus access to a compliance dashboard for easy monitoring.
These packages provide a convenient way for clients to manage compliance while ensuring recurring revenue for your firm.
How to Maximize Revenue with Compliance Packages
Bundling services is an effective way to increase value for your clients while ensuring a steady revenue stream. For example:
- $200 annual package: Includes two updated BOI reports and access to a compliance dashboard.
- $50/year package: Focused on data storage, reminders, and discounted updates.
Offering multiple tiers of compliance services allows you to cater to businesses of different sizes and needs. By adding value through features like a client dashboard or automated reminders, you can justify premium pricing while making it easier for clients to stay compliant.
Boost Your BOI Filing Fees with FincenFetch: The Power of Automation
As a CPA or lawyer, you understand the importance of providing value to your clients while maximizing your profits. With BOI filing fees becoming an integral part of compliance services, how can you ensure you’re charging premium rates while maintaining efficiency and accuracy?
The answer lies in automation—and FincenFetch is the tool that can help you achieve this balance effortlessly.
Why Automating BOI Filing is Key to Higher Profitability
With BOI filings, time is money. The more time you spend manually processing filings, the less you can charge per client. FincenFetch allows you to scale your services, increasing both your filing volume and your profitability, without compromising quality. Here’s how:
- Faster Filings: By automating the BOI filing process, FincenFetch reduces the time required to complete a filing from hours to just minutes. This means you can handle more clients in less time, increasing your revenue potential.
- Increased Accuracy: Manual filings come with the risk of errors, which can lead to costly penalties for your clients and potentially harm your reputation. With FincenFetch’s automated system, you minimize these risks, ensuring that every filing is accurate and compliant.
- Client Satisfaction: Automation not only benefits you—it also improves the client experience. With features like automated reminders and a user-friendly dashboard, your clients stay informed and on track with their compliance, increasing satisfaction and loyalty.
🚀Ready to see how much you could be earning? Use our BOI Revenue Calculator to estimate your firm’s potential filing revenue.
Why CPAs and Lawyers Are Turning to FincenFetch
FincenFetch simplifies every aspect of BOI filing—data collection, submission, compliance monitoring, and even client communications. This seamless automation allows you to boost your profitability while enhancing the quality of your services.
- Maximized Profit Margins: With FincenFetch, you can reduce the time spent on each filing and increase your revenue per client. Automating the process enables you to charge a premium while handling more clients in less time.
- Lower Risk, Higher Accuracy: The last thing your firm needs is costly compliance errors. FincenFetch reduces the risk of human error, ensuring that each filing is completed accurately and on time, saving your firm—and your clients—from potential fines.
- Enhanced Client Relationships: Offering clients a streamlined experience—from automated compliance reminders to easy access to their filing history—helps build trust and loyalty. Happy clients are more likely to recommend your services, bringing in even more business.
Set the Right Price for BOI Filing Fees
Pricing your BOI reporting services involves balancing complexity, client size, and ongoing compliance needs. By aligning your pricing strategies with industry trends and leveraging automation, your firm can offer premium services that stand out in the marketplace.
Don’t wait until penalties pile up—take control of BOI compliance today. Download our Free BOI Filing Guide or book a FincenFetch demo to discover how automation can save you time and increase your firm’s revenue. Secure your competitive advantage in BOI reporting now!
