The Corporate Transparency Act (CTA), effective in 2024, requires over 40 million U.S. businesses to file Beneficial Ownership Information (BOI) reports. Failure to comply with these new federal regulations can result in severe penalties, making it crucial for businesses to navigate these mandates accurately and efficiently. In response to these challenges, FincenFetch, a leader in AI-powered BOI filing software, partnered earlier this year with Pearce Law Group LLC to offer businesses an innovative solution for Corporate Transparency Act compliance.
A Powerful Partnership for Compliance
The FincenFetch partnership for compliance with Pearce Law Group brings together expertise in legal services and cutting-edge technology, providing a comprehensive compliance solution for businesses across industries.
FincenFetch is renowned for its AI-powered BOI filing platform, which automates and streamlines the entire compliance process. This tool is designed specifically to reduce errors and minimize legal liability while ensuring companies stay compliant with FinCEN’s CTA mandates. With the Pearce Law Group, a highly-respected law firm known for its commitment to client service, businesses gain access to a powerful resource for navigating complex regulatory landscapes.
“Our collaboration with Pearce Law Group is a testament to FincenFetch’s commitment to making BOI compliance as seamless as possible for law firms and their clients,” said Charles Wismer, CEO of FincenFetch. “With our AI-powered platform, firms can file BOI reports in minutes, providing their clients peace of mind and keeping them compliant.”
Why Businesses Must Act Now: The Impact of the Corporate Transparency Act
The Corporate Transparency Act represents a significant shift in how the U.S. government enforces transparency in corporate ownership. Designed to combat money laundering, tax evasion, and other illicit activities, the CTA requires companies to report the identities of individuals who own or control the business to the Financial Crimes Enforcement Network (FinCEN).
With these new regulations in place, companies face increased scrutiny and risk of non-compliance penalties, including hefty fines or legal action. For professionals like CPAs and lawyers, ensuring clients are compliant is not only a service offering but also a critical responsibility.
This shift elevates the need for a robust, secure, and efficient BOI reporting system—precisely what the FincenFetch partnership for compliance offers.
Features of the FincenFetch BOI Filing Solution
FincenFetch’s BOI filing platform is designed with the needs of CPAs, attorneys, and their clients in mind. Key features include:
- AI-Driven Automation: The platform automates the filing process, reducing human error and saving time. Reports can be filed in minutes rather than hours, making it ideal for firms with high-volume clients.
- Custom-Branded Portals: FincenFetch offers customizable portals, allowing law firms and accounting firms to maintain brand consistency while using the platform. This feature enhances client trust and provides a seamless experience.
- Secure Data Handling: Given the sensitive nature of beneficial ownership information, FincenFetch prioritizes security with advanced encryption and secure storage.
- Scalable for Law and CPA Firms: Whether handling a handful of clients or thousands, FincenFetch scales easily to meet the demands of firms of all sizes. Its flexibility allows for both hands-on and hands-off options, making it suitable for different service models.
Benefits for CPAs and Lawyers
For CPAs, offering BOI reporting as part of tax compliance services positions firms as proactive and well-equipped to handle emerging legal requirements. The FincenFetch partnership for compliance allows accountants to focus on strategic tax planning while seamlessly handling BOI filings in the background. In addition, FinCEN has deemed this a lawful practice for CPAs and accountants and refers business owners to these service providers and enrolled agents to complete their filings.
For attorneys, especially those specializing in corporate law, business compliance, or tax law, FincenFetch provides a streamlined, efficient solution that reduces the risk of legal exposure for their clients. A partnership with FincenFetch, like the one with Pearce Law Group, enables law firms to enhance their service offerings and generate additional revenue by offering compliance services under the new law.
Raymond Wells, an attorney with the Pearce Law Group, emphasized the value of the FincenFetch partnership for compliance: “With the adoption of FincenFetch’s automated BOI filing, we’ve been able to enrich our client services with ease. Our operations remain efficient and hassle-free, allowing us to provide additional value to our clients.”
A Tool Designed for Long-Term Compliance
As FinCEN continues to roll out updates and clarifications regarding the Corporate Transparency Act, staying ahead of regulatory changes is critical for businesses and their advisors. The FincenFetch platform is designed to evolve alongside regulatory updates, ensuring firms are always prepared to meet new requirements.
CTA Compliance is a Must—Don’t Get Left Behind
The FincenFetch partnership for compliance is timely, offering a go-to resource for CPAs, lawyers, and their clients as they navigate the complexities of BOI reporting. The Corporate Transparency Act has introduced a new era of corporate compliance, and businesses need trusted, innovative tools to stay ahead of these requirements.
By leveraging FincenFetch’s state-of-the-art platform, firms can:
- Ensure error-free, compliant BOI filings
- Minimize legal liability for both clients and the firm
- Streamline the compliance process, freeing up time for more value-added services
- Enhance client satisfaction by offering a highly secure and customizable compliance solution
Next Steps: How to Ensure Your Clients are Compliant
Don’t wait until the deadline looms. As a CPA,lawyer, enrolled agent or community manager, you can get your business ahead by adopting the FincenFetch BOI filing platform today.
Book a Free Demo
See firsthand how the FincenFetch partnership for compliance can streamline your BOI reporting process and help you offer more value to your clients. Book a Free Demo Now and explore the possibilities of seamless CTA compliance.
