DENVER (July 28, 2025) – Josh McLeod, Director of Federal Government Relations at the National Federation of Independent Business (NFIB), the nation’s leading small business trade association, recently appeared on “Rush to Reason” in Denver, where he discussed why the Beneficial Ownership Information (BOI) reporting requirement must be repealed.

CLICK HERE to listen to the full conversation. Excerpts are below.

In discussing the history of the BOI reporting requirements and NFIB’s efforts to get it overturned, McLeod highlighted how it’s only the smallest of small business owners who are affected by the regulation.

“It only affects small businesses –under 20 employees and 5 million in revenue, only the mom and pops have to deal with this new regulatory mess. We’re fighting this like crazy in Washington. We want to give small businesses as much relief as possible.”

McLeod continued, discussing the severe penalties small business owners could face if they fail to comply or the law is not overturned.

“When we surveyed our members, 83 percent had never heard of these new requirements, which is really concerning when you think about the penalties for non-compliance. It’s up to a $10,000 penalty and two years in prison.”

CLICK HERE to listen to the full conversation.

Background:

Millions of small businesses were previously subject to a law, the Corporate Transparency Act, which required them to report the personally identifiable information of each beneficial owner to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

If not fully repealed or ruled unconstitutional, 32 million small businesses nationwide could be subjected to this unnecessary mandate again. Those who fail to comply would be subject to criminal and civil penalties of up to two years in federal prison and up to $10,000.

NFIB has consistently opposed this law and is working to permanently block and repeal it in the federal courts and Congress. NFIB supports H.R. 8147 and S. 4297, Repealing Big Brother Overreach Act.