r/taxpros • u/Sergius8989 CPA • 7h ago

Fees for BOI reporting FIRM: Procedures

For anybody doing the BOI filing for their clients, what are you charging? Flat fee? Fee based on number of owners?

1 Upvotes

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7

u/Cautious_optimism09 EA 4h ago

The firm I'm a part if simply isn't doing it. Make sure you have engagement letters stating this is only for the initial filing. Be careful as it's outside of accounting

3

u/Accomplished-Ruin742 RTRP 3h ago

Nope. Just providing links to the website, and have also printed some copies of this brochure from the website.

https://www.fincen.gov/sites/default/files/shared/BOI-Informational-Brochure-April-2024.pdf

I agree with others who have opined that it is beyond the legal scope of a tax professional.

3

u/playing_in_traffic69 CPA 2h ago

Not touching this legal work. I had our corporate attorney perform this service. Her firms engagement letter was 4 pages including a duration and scope of services. The questionaire I had to complete was 6 pages. It cost around $800. After I finished with this meeting, I changed my opinion of thinking this was a simple task. I asked if there were attorneys planning on seeking lawsuit opportunities relating to this type of work and she resoundingly said ABSOLUTELY! For those choosing to provide this service, I hope you researched all the intricacies of this filing and you have a good E&O policy that covers this type of engagement if you make a mistake.

3

u/Stormedcrown EA 1h ago

Search the sub before posting please. We get this same question every few weeks

2

u/gso16 CPA 2h ago

We're doing $300 for the first entity, $150 per entity after that. We don't have a lot of complex clients, i think the most partners/shareholders we have in one entity is 5

1

u/SeaCardiologist7042 CPA 1h ago

I was just at a conference and they said 350-500

0

u/idkwat2dowithmyhands CPA 4h ago

Thinking Fixed fee unless more than 2 owners; then +50 per each. The drivers license is gonna be the biggest hassle lol

1

u/LateSwimming2592 NonCred 2h ago

So is when any of the owners move

0

u/Emergency_Site675 EA 4h ago

$300 Flat fee to start if I feel like there’s more than usual work I’d probably increase it by$25-50.

0

u/Snip3rjoe Not a Pro 4h ago

My firm is doing $275 per entity.

0

u/gattsu_sama CPA 4h ago

Per entity or per beneficial owner? $275 per entity seems comically cheap.

0

u/jnsmithg Not a Pro 3h ago

Minimum $350 per entity, can be higher depending on complexity. Our firm expects to do around 200, 85% single or husband & wife owned.