The Corporate Transparency Act has brought forth a wave of beneficial ownership reporting requirements for companies across the U.S., along with enormous growth potential for law and accounting firms assisting these reporting companies. With stringent deadlines and meticulous reporting standards, it’s paramount for firms to ensure that their client reporting companies submit accurate FinCEN reports within the prescribed timelines. FincenFetch FinCEN reporting software helps your firm ensure clients file on time with our easy online tools.
The Corporate Transparency Act has set clear timelines for reporting companies. Companies that existed before 2024 have a 12-month window to ensure compliance starting January 1st, 2024. In contrast, new companies or those with updated information post-2024 have a shorter 30-day deadline. Given these deadlines, there’s an evident urgency for accounting and law firms to ensure that their clients’ reporting companies don’t lag, which can lead to severe repercussions. Penalties include $10,000 fines and up to two years in jail.
It’s not just about ensuring compliance; it’s about making it easier for reporting companies to adhere to the requirements. This includes:
FincenFetch streamlines these processes by solving all four compliance goals to help your firm’s clients adhere to FinCEN’s reporting requirements.
FincenFetch helps collate, organize, and file necessary documents for reporting companies, removing the manual hassles and potential for human errors. Firms using FincenFetch send links to clients that invite them to a guided online experience to collect their beneficial ownership information. This guided workflow teaches business owners what they need to provide to your firm and also educates them on when they need to file further reports to remain in compliance with FinCEN’s Reporting Rule. Educated clients will also know when to reach out proactively to your team when information about beneficial ownership changes, leading to increased filing service revenue for your firm.
Clients are more likely to complete tasks if they are easy to finish. FincenFetch decreases the time required to submit beneficial ownership information from 90 minutes using PDF forms to 15 minutes through our online interface. This time savings shows clients you value their time and makes them more likely to file updated reports when BOI details change.
Clients educated organically with your firm’s FincenFetch Fetch links will also know when to reach out proactively to your team when information about beneficial owners changes, leading to increased filing service revenue for your firm
Filing updated reports is an easy task with FincenFetch, as our platform allows clients to load the prior report and change the details that need adjusting before filing their updated BOI report. This saves clients 80% of their time when filing updated reports.
Collecting information from each individual who holds ownership interests or substantial control is a seamless part of the experience. Company owners can either upload an individual’s details directly or send the beneficial owner a link to tie them to the company. Using this link, the owner can upload their information and documents themselves.
One of the most significant challenges in ensuring timely FinCEN reporting is keeping track of numerous deadlines for various reporting companies. FincenFetch FinCEN reporting software makes this easy by showing all clients on one dashboard and supporting reminders from automated tools and buttons. Firms can see the statuses for every client report and send reminders as deadlines approach for each reporting company. This proactive approach not only aids in timely submissions but also helps build trust, proving that your firm is genuinely invested in safeguarding the client’s interests.
Companies evolve, and so does BOI information. With the Corporate Transparency Act in place, it’s not just about the initial reporting; it’s equally crucial for companies to file updated reports when there are changes in their beneficial ownership information. FincenFetch recognizes this dynamic nature of businesses and offers firms tools to send compliance reminders when updates are necessary.
In addition to scheduled reminders, the system can alert companies linked to a beneficial owner that information changes to make sure these companies know they need to file an updated report.
As FinCEN filings evolve, so will the tools available in FincenFetch. BOI filings are our sole priority at FincenFetch. Firms like yours using our software gain access to continuously improving features designed to lead the market in FinCEN BOI compliance.