How to File BOIR for Free?

Written By Maxim Golubkov

How to File Your Beneficial Ownership Information Report (BOIR) for Free

If you own a small business, you may have heard about the Beneficial Ownership Information Report (BOIR) filing requirement under the Corporate Transparency Act. This new filing is required for most businesses in the U.S. and must be submitted to the Financial Crimes Enforcement Network (FinCEN). The good news? You can file it for free! Here's how to do it step by step.

What is the BOIR?

The Beneficial Ownership Information Report (BOIR) is a new requirement aimed at increasing transparency and preventing financial crimes like money laundering and fraud. It requires businesses to disclose details about their beneficial owners—those who own or control at least 25% of the company or exercise significant control over it.

Who Needs to File?

Most businesses registered in the U.S., including LLCs, corporations, and other entities, must file the BOIR unless they qualify for an exemption. Exempt entities include publicly traded companies, certain large operating businesses, and specific regulated entities like banks.

When is the Deadline?

  • For companies created before January 1, 2024: New deadline March 21, 2025 for most companies.

  • For companies created on or after January 1, 2024: You must file within 90 days of formation.

What Happens If You Don’t File?

Failure to file on time can result in significant penalties, including:

  • Civil penalties of up to $500 per day for noncompliance.

  • Criminal penalties, including fines up to $10,000 and possible jail time.

 

Step-by-Step Guide to Filing Your BOIR for Free

Step 1: Gather Required Information

Before starting the filing process, ensure you have the following details:

  • Company Information: Legal name, trade names (DBA), business address, jurisdiction of formation, and EIN (if applicable).

  • Beneficial Owner Information: Full legal name, date of birth, residential address, and an identifying document (passport, driver’s license, or other government-issued ID).

Step 2: Visit the FinCEN Filing Portal

Go to FinCEN’s official website and access the BOIR filing system. Be cautious of third-party services that charge unnecessary fees for filing.

Step 3: Complete the Online Form

Follow the on-screen instructions to fill out the report. You’ll be asked to enter the company and owner details you gathered earlier.

Step 4: Review and Submit

Double-check all the information for accuracy. Once you confirm everything is correct, submit the report. FinCEN will provide a confirmation receipt.

Tips to Avoid Common Mistakes

  • Ensure all information matches legal documents (e.g., names, addresses, and ID numbers).

  • Don’t delay your filing—waiting too long can result in penalties.

  • Beware of scams—you do not need to pay a third party to file this report.

Final Thoughts

Filing your BOIR is a straightforward process that can be done in just a few minutes—all for free! By following this guide, you can ensure compliance with the new law and avoid unnecessary penalties.

If you have any questions about the BOIR filing process, visit the official FinCEN website for additional resources and FAQs.

If you'd prefer assistance with filing, I can help you complete the report for a fee. Feel free to reach out for professional support!

Need more bookkeeping and compliance tips? Stay tuned for more guides to help your small business stay on track!

Maxim Golubkov