FincenFetch is designed to give your firm a simple, secure, and profitable Corporate Transparency Act solution. Protect your clients from FinCEN fines with a leading platform used by hundreds of U.S. firms.
Secure your CTA services on FincenFetch, a certified SOC2 compliant organization and FinCEN filing platform used by hundreds of law and accounting firms across the U.S.
How Ignoring CTA Compliance Could Be Costing You Profits & Clients
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Attorneys in practice areas that help clients form entities are most impacted. This includes areas like taxation, real estate, general business law, corporate law when creating subsidiaries, firms who serve venture capital/private equity, and estate planning.
BOI reporting requires firms complete eight steps to managing Corporate Transparency Act compliance properly for their clients. These steps can require over two hours per report with legacy processes, or less than five minutes with secure platforms designed for firms.
FincenFetch automates all of these steps for your firm, allowing a junior staff member to manage thousands of clients using our intuitive dashboards, client portals, and automated tools.
Based on over 5,000 conversations with firms, our data shows that law firms typically bill between $400 to $600 for initial Beneficial Ownership Information (BOI) reports, primarily due to their expertise and the legal responsibilities they manage.
Their higher fees reflect the complexity of filings, risk management, comprehensive client representation, and the professional standards of the legal industry. These factors justify the higher costs associated with the specialized legal services law firms provide, especially in handling intricate ownership structures and ensuring compliance with regulations to mitigate potential legal issues.
The eight steps of BOI reporting (see question below) make these reports quite time consuming without streamlining and automating FinCEN filing software in place.
After the initial filing, updated reports are often billed at $200 or $300 per report. We also see many firms providing discounts when clients have many entities.
Firms often bill for ongoing Corporate Transparency Act (CTA) compliance as part of a structured annual service package, addressing the need for continuous oversight and updating of Beneficial Ownership Information (BOI) reports. These services typically cover securely storing data, maintaining accurate records and responding promptly to any changes that require updated filings.
Ongoing CTA compliance pricing typically includes a variety of service components. For example, firms may charge $50 per year, which includes data storage, reminders about compliance updates, access to prior reports, a compliance dashboard, and discounted rates for updated reports when needed—such as $150 per report.
Another common pricing model is charging $200 per year, which covers all the aforementioned services and includes up to two updated reports per year without additional cost. These pricing structures are designed to cover the costs of infrastructure needed to support ongoing compliance services, and also reflect the value of the peace of mind provided to clients, ensuring they remain in compliance and avoid potential fines.
The responsibility involved in ensuring ongoing compliance also justify the cost, as firms provide not only filing services but also continuous monitoring and alerting clients to necessary updates. This ongoing compliance service becomes crucial due to the dynamic nature of business, where changes in ownership, company addresses, and legal structures are not uncommon and can lead to fines of $500/day or $10,000 if not addresses.
BOI reports are not one-time reports as many believe. Updated reports are required within 30 days of many common changes to avoid fines. The most common triggers for updated Beneficial Ownership Information (BOI) reports are:
Change of Address for Beneficial Owners: Around 12% of Americans move each year according to the U.S. Census Bureau, and any change in the primary residence of a beneficial owner requires an updated report. This means an entity with 4 owners has a 50% chance of an updated report in any given year. Also, when an owner of many companies changes their address, such as a property investor, it can require updated reports from dozens of entities.
Changes in the ownership structure: Adding new owners or investors or removing existing ones, necessitate an updated report. This adjustment ensures the ownership and control information is current and accurate.
Company Office Address Changes: If the main office address of the company changes, this also triggers the need for an updated report. The physical location of the business is crucial for legal and communication purposes.
ID Number Updates: Changes in owner government-issued ID numbers during renewals requires an update.
Business Sales: The sale of the business or significant cap table updates can trigger a need for an updated report.
DBA Registrations: If the company registers a new Doing Business As (DBA) name or changes an existing one, this information must be updated in the BOI report.
Supporting easy updates is critical for offering ongoing Corporate Transparency Act compliance – which many clients expect. FincenFetch can automate reminders to keep clients aware of these update triggers and make requesting a new report as easy as clicking a button and reporting the changes for re-filing.
Entity creation starts the counter for filing the initial BOI report within 90 days in 2024 and 30 days in 2025 and beyond. Clients need help meeting these deadlines as part of formations. FincenFetch makes it simple to upload known information about the client entity and send a quick link to clients to collect any missing information, get confirmation, and start the eFiling process.
Without a system in place, firms will need to proceed manually through the eight reporting steps in addressed in a question above.
To avoid including their own personal information on BOI reports as the “company applicant,” law firm staff should obtain individual FinCEN IDs. Once the client’s initial filing is complete, they will often expect updated reports to be supported by the firm.
Information about the CTA is often first provided by attorneys, especially when attorneys form entities – a service not typically offered by accountants.
Law firms have an implied responsibility to explain to clients what BOI reports are and when they need to be filed, including important information updated reports.
This goes beyond basic information for more complex entities. Clients with entities utilizing multiple share classes, complex boards, and various C-suite titles will need more advanced analysis of beneficial ownership that only attorneys can provide. Accountants will not consider these basic reports and will often direct filers to attorneys for legal analysis.
Attorneys are also often the first and only party to facilitate transactions that trigger updated reports. Mergers, divorces, sales of shares, and bankruptcies are just a few examples of transactions supported by law firms that often trigger mandatory updates. Clients utilize attorneys for full-service management of these transactions and related compliance, of which BOI reports have now become a necessary new step.
FinCEN’s penalties for filing late or failing to file include $500 per day fines, $10,000 penalties, and up to two years in jail. Communities must not ignore these new filing requirements. Fortunately, communities using FincenFetch can file in minutes through a secure online platform operated by their community manager.
Enter the estimated number of companies you currently serve with other filing services to calculate your potential FinCEN filing revenue for 2024 and recurring revenue in subsequent years.
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