Updated BOI Reporting Form Under the Corporate Transparency Act
The Corporate Transparency Act’s (CTA) new regulations require businesses to maintain transparency and accuracy in their new FinCEN BOI reports. This means filing an updated BOI reporting form to FinCEN whenever information changes about a reporting company or beneficial owner within 30 days of any change.
With FinCEN estimating that a staggering 50% of U.S. businesses will have to file updated reports annually and many potentially having to file multiple updates within a single year, FinCEN report filing software is essential for firms like yours in making this update process seamless and user-friendly for your clients.
FincenFetch’s online ensures that each reporting company can effortlessly update its information, promoting adherence to the Corporate Transparency Act’s stipulations and keeping clients in compliance with the CTA and free of FinCEN penalties.
With half of all U.S. businesses expected to update their reports annually, the volume of data, revisions, and administrative tasks for these companies will be substantial. Processing these reports is easy through our online FinCEN filing platform.
Page 45 of FinCEN’s “Small Entity Compliance Guide” highlights the most likely cause of updated reports.1 This page states that updated reports are due within 30 days for “any change to a beneficial owner’s name, address, or unique identifying number provided in a BOI report,” meaning that even an updated residential address for a single owner forces the entire reporting company to file a new report.
The definition of beneficial owner under FinCEN’s Reporting Rule includes those with “ownership interests” and individuals with “substantial control,” including company managers without ownership. All address changes for key staff members should be monitored to comply with FinCEN’s Reporting Rule because forgetting to file an updated report when a staff member moves homes can incur harsh penalties for non-compliance with the CTA.
Add to this the potential for several updates within a year for many businesses, and it becomes clear that the traditional methods of report processing are not viable. Efficient and user-friendly software is not just a luxury; it’s an absolute necessity for CTA compliance.
FincenFetch increases client compliance and your firm’s billings using three helpful tools:
As FinCEN launches Beneficial Ownership Information Reporting on January 1st, 2024, the need for efficient and intuitive FinCEN report collection software becomes more pronounced. It’s not just about adhering to the Corporate Transparency Act; it’s about simplifying complex processes for the vast number of clients’ reporting companies who find themselves navigating these regulations and need to file updated reports within short deadlines of 30 days for information changes.
Learn how FincenFetch can help your business streamline client acquisition and boost revenue.
FinCEN estimates 16,000,000 U.S. companies will file updated reports each year, with 50% of those using professional accounting or law firms like yours. That’s 8M updated reports each year with an average estimated cost of $400, or a market size of $3.2B. Each major metropolitan area can expect to support $250MM in annual compliance revenue alone for 2025 and every year after that.
Forward-thinking firms plan to capture these localized revenues through marketing CTA compliance services locally and on sites like FincenList.com. Marketing campaigns combined with tools like FincenFetch, which increase efficiency for large volumes of reports and ongoing compliance, will rapidly scale firms prepared for BOI reporting in 2024 and onward. Offering a seamless CTA compliance solution not only attracts clients needing filing services but also drives more referrals from your clients, further compounding your firm’s client growth.
FincenFetch is your firm’s online platform to navigate these filing volumes, easing filings for clients and supporting this new line of revenue for your firm. See how you can track unlimited client filings with FincenFetch here.
Each major metropolitan area can expect to support $800MM in 2024, then $250MM in localized annual compliance revenue in 2025 and every year thereafter. FinCEN reporting software like FincenFetch is essential to capture and manage this filing business efficiently.
Growing your client base means solving the challenges each reporting company faces when updating reports. Delving into older reports, identifying changes, and then manually updating them is not just tedious but also fraught with potential errors. FincenFetch’s Corporate Transparency Act compliance software addresses this by seamlessly integrating features that support firms and clients.
As your firm already knows, clients are more likely to complete processes that are made easy. For firms looking to simplify complex reporting processes and ensure their clients remain consistently compliant, FincenFetch is the ultimate, user-friendly solution for your firm. Schedule a demo today to explore how our software can be your firm’s partner in CTA compliance.