Entrepreneurs, brace yourselves. A regulatory storm is brewing, and it goes by the name Corporate Transparency Act (CTA). Come January 2024, over 35 million US companies will be scrambling to submit beneficial ownership reports to FinCEN. Miss the deadline? Be ready to fork over $10,000 in fines.
But here’s the kicker – this bureaucratic headache is a massive money-making opportunity for savvy law and accounting firms.
Most small businesses lack the capacity to handle CTA compliance in-house. They’ll be flocking to professional services firms for help, and those firms can capitalize by offering CTA filing as a premium add-on.
The traditional filing process is a total time suck, though. We’re talking up to three hours per client to jump through hoops like:
- Explaining the new rules to clients
- Gathering ownership deets
- Collecting ID documents
- Data wrangling and file management
- Submitting reports to FinCEN
- Tracking, reminding, confirming
At that rate, a $600 filing fee barely nets $200/hour for the firm. Not exactly a lucrative hustle.
Introducing automated BOI filing solutions like FinCEN BOI Filing. This innovative company obtained a private API credential from FinCEN, enabling them to submit BOI reports securely and directly. They developed a web application that law firms, entity registrars, and other professionals can white label, offering a seamless and hands-off solution to the BOI filing requirement.
With such efficiency, professional services firms can significantly boost their profits from CTA filings. Whether you’re an accounting firm or a consulting firm, you can capitalize on this opportunity. By utilizing low-cost staffing, there’s potential to earn thousands per hour.
The CTA compliance market is a $21 billion/year powder keg waiting to blow. Firms embracing automation will be the ones stuffing their war chests.
But there’s more to it than just money. The BOI reporting requirement ushers in a new age of corporate transparency to combat shady business practices. Companies prioritizing compliance and leveraging user-friendly filing tools will build massive trust reserves with clients and stakeholders.
As the CTA deadline looms, the hustle is on for businesses to get their ducks in a row. Those adapting quickly and innovating will be the entrepreneurs swimming in revenues when the dust settles.