The Corporate Transparency Act forces 33 million domestic companies to file new beneficial ownership information reports to FinCEN starting in 2024. These reports are required for nearly every small business, including corporations, limited liability companies, and similar entities registered in any U.S. State.
It’s estimated that nearly half of these companies will reach out to CPA firms, accounting firms, or law firms to offload FinCEN’s new beneficial ownership information (BOI) report and avoid risking the related penalties of $10,000 fines or even jail for filing incorrect information. BOI reporting will also deliver an industry-shaping opportunity for well-prepared firms to rapidly scale their revenues and client books by offering beneficial ownership reporting services.
Not only will your current clients require BOI reporting, but every small business in your community will also need to file accurate reports. FincenFetch is your firm’s tool to win that business.
Filing a beneficial ownership report with FinCEN requires collecting approximately 65 data points about each client’s reporting company, including information about the company itself, DBAs, tax number information, beneficial owners, individuals with substantial control, company applicants, and ID documents for all beneficial owners.
But, compiling this information is no easy task for reporting companies. Many of the data points needed from reporting companies have new and confusing definitions, which will require teaching clients about every section of the report. For example, reporting companies cannot use PO boxes on the reports, and individuals may be beneficial owners even with no ownership interests in the reporting company but simply through meeting the definition of substantial control.
Furthermore, updated reports are required when minor information changes, like a limited liability company’s manager with substantial control changing their home residence. This complexity means firms like yours need guided online workflows to help keep client submissions aligned with FinCEN’s filing rules.
FincenFetch Corporate Transparency Act filing software simplifies these filings to an easy process that transforms 90 minutes of completing confusing forms into a 15 minute intuitive and guided online submission.
Firms using FincenFetch send a “Fetch Link” to each client. This link brings your client to a portal that walks them through the report, explains confusing terms, reduces errors, and collects all BOI reporting company information. It even securely stores the uploaded documents your firm needs, protects all client data using industry-leading security practices, and saves client progress automatically as they move through the report.
FincenFetch links are branded with your firm’s logo, giving your firm a customized tool to power FinCEN filings for your clients’ reporting companies. Once the reporting company finishes its online submission, FincenFetch alerts the firm that the reporting company’s submission is ready for review and filing. See how easy it is by scheduling a demo to explore our report submission tools.
In a high-stakes environment where accuracy is non-negotiable, your firm needs a reliable method for reviewing files with clients before filing. FincenFetch incorporates this review phase seamlessly into its workflow, enabling you to consult with clients, make real-time changes, and finalize reports – all within the online interface.
The harsh penalties for inaccuracies or non-compliance with the Corporate Transparency Act underscore the need for getting things right when reporting beneficial owners. FincenFetch acts as your firm’s safety net by flagging potential issues and ensuring compliance, mitigating the risk of costly mistakes for your clients to give your firm an edge.
In our digital age, PDF forms are antiquated tools ill-equipped for the complexities of BOI reporting. Not only are they time-consuming to fill out and review, but they also lack the interactive guidance that software can provide. An error on a beneficial ownership information report isn’t just a typo; it’s a compliance risk. FincenFetch navigates the complexities by making these rules digestible and guiding clients through each field, ensuring conformity with FinCEN’s specifications.
With FincenFetch, you’re not just replacing a form; you’re upgrading to a comprehensive solution tailored for accuracy and efficiency.
Time is money. Whether it’s the client spending 90 minutes filling out a form or a CPA spending hours reviewing it, time lost is revenue lost. FincenFetch massively cuts down the time spent on these reports by automating numerous processes, freeing you and your clients to focus on what really matters — your business.
FincenFetch multiplies your billing per hour. Firms nationwide are pre-pricing FinCEN report services at $300 to $600 per initial report, with an average of $400 per report.
FincenFetch allows your firm to complete one BOI report every 10 minutes. Processing six reports per hour using FincenFetch means billing $1,600 to $2,400 for CTA compliance – while keeping the cost per report low for your clients. Without purpose-built software helping your firm, each BOI report will likely take over one hour, slashing your compliance revenues by 6x.
FincenFetch amplifies CTA compliance filing revenue per hour by an astounding 500% while costing a mere 8% of your Corporate Transparency Act (CTA) compliance revenue. This compelling return on investment makes it an unequivocal choice for any firm seeking to optimize efficiency and profitability.
FincenFetch allows your firm to complete one BOI report every 10 minutes. Processing six reports per hour using FincenFetch means billing $1,600 to $2,400 for CTA compliance – while keeping the cost per report low for your clients.
FincenFetch is not just a tool; it’s a strategic asset redefining how CPA firms, accounting firms, and law firms approach the Corporate Transparency Act. Its user-friendly design, comprehensive guidance, and robust features make it indispensable for professionals aiming for streamlined operations, heightened accuracy, and superior client satisfaction.
Book a demo of FincenFetch today to explore how easy FincenFetch makes compliance for your firm and clients