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File FinCEN reports in under five minutes on FincenFetch with easy workflows to simplify this new requirement and revenue line.
Keep clients compliant in one click with our automated reminder features teaching clients about updated report requirements.
Choose a SOC2 secure solution to keep client data safe for future filings and store confirmation transcripts for client records.
Dashboards give your team full awareness of all files, deadlines, and empowers a single staff member to support thousands of clients.
Complete CTA compliance work in 5% of the time using our seamless automated filing tools. No need to hire additional staff.
Data-checking tools operate in the background to automatically remove report errors and give your firm the highest level of accuracy.
Unlock a new revenue stream for your firm while providing a valuable service to your clients using a complete BOI reporting solution designed to support the needs of firms and their clients for year-round CTA compliance.
Complete filings in just five minutes per report with FincenFetch. Maintain continuous CTA compliance using simple, automated tools, without the need for additional staff.
Serve your clients with the most accurate BOI reporting tool to save companies from FinCEN fines. Automated platform data checks, client sign-off, and final reviews protect every filing.
Set and forget your automated client reminder options to keep clients moving through mandatory reports in their secure portal and aware of updated.
Transform CTA compliance into your most profitable service, boosting client loyalty, satisfaction, and your firm’s revenue.
Our portals and dashboards provide human support and full access to your firm and the clients you invite – delivering a white labeled full-service solution.
Our expert team is ready to guide your firm to profitable and easy Corporate Transparency Act filings for clients. Choose a time for your firm’s demo today.
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 follow eight steps to support Corporate Transparency Act compliance 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 above) make these reports quite time consuming without 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 separately for ongoing Corporate Transparency Act (CTA) compliance as part of a structured annual service package, addressing the costs of 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. This ongoing compliance service is crucial due to the dynamic nature of businesses, 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 addressed.
Most firms have these plans begin in the second year, after managing the filings during year one on a per report basis. Common ongoing CTA compliance billing models we see include the following:
1. In one common example, firms 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 discounted updated report.
2. In another common example, firms charge $200 per year, which covers all the aforementioned services and includes up to two updated reports per year without additional cost.
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 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/investors or removing existing ones often results in an updated report requirement if it changes more than 25% of the ownership or any member with substantial control.
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, such as when they are renewed, 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, particularly when they form entities – a service not offered by most CPAs. Once the entity is created, they attorney must make the client aware of their reporting requirements.
Even if they do not create the entity, law firms have an implied responsibility to explain CTA requirements to clients who own or manage businesses. Details about updated reports and deadlines are critical to share.
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.
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