Introduction
If you’re a small business owner, you’ve probably heard about the BOI (Beneficial Ownership Information) filing required under the Corporate Transparency Act (CTA). But one big question remains: Is BOI filing free?
Let’s clear up the confusion and walk you through the actual cost of submitting your BOI report to FinCEN.
What Is BOI Filing?
BOI filing is the process of reporting information about your company’s beneficial owners (individuals who own or control your business) to the Financial Crimes Enforcement Network (FinCEN). It is required for most LLCs, corporations, and similar entities in the U.S. beginning January 1, 2024.
Is BOI Filing Free?
Yes, BOI Filing Is Free
FinCEN allows you to submit your BOI report online at no cost via the official filing portal:
There is no government filing fee for submitting your beneficial ownership information directly.
Why Some Businesses Pay for BOI Filing
Although the filing is free through FinCEN, some business owners choose to hire professionals for help. Here’s why:
- To ensure compliance with FinCEN rules
- To avoid errors or penalties
- For convenience when managing multiple filings
Common Third-Party Charges
| Service Type | Cost Range |
|---|---|
| DIY via FinCEN | $0 |
| Online Filing Services | $49–$299 |
| Legal/CPA Assistance | $100–$500+ |
Should You File It Yourself?
If your business structure is simple and you’re comfortable with online forms, filing directly through FinCEN is fast, free, and reliable.
If you need expert guidance, using a trusted third-party service might be worth the cost.
Penalties for Not Filing
While the filing is free, not filing comes at a steep cost:
- Civil penalties: $500 per day
- Criminal penalties: Up to $10,000 in fines and/or imprisonment
Conclusion
Is BOI filing free? Yes—if you file it yourself through the official FinCEN website, there’s no charge. However, if you use a paid service to help with the process, costs can apply. Either way, make sure you file by the deadline to stay compliant and avoid penalties.
