In the most recent episode of NFIB’s Small Business Rundown podcast, NFIB member and South Dakota small business owner Steve Flanagan provides his first-hand experience dealing with the challenges of beneficial ownership reporting.

NFIB’s Director of Federal Government Relations, Josh McLeod, also explains the status of the mandate and why action is needed to protect small businesses from it permanently.

Listen to this episode about Beneficial Ownership Reporting here.

In March 2025, FinCEN issued a new regulation that exempts all U.S. small businesses from the Beneficial Ownership Information (BOI) reporting requirements. This means that small businesses do not need to file federal BOI reports. However, the Corporate Transparency Act, which created the reporting requirement, has not been fully repealed. If H.R. 8147 and S. 4297, Repealing Big Brother Overreach Act, is not passed, the exemption can be removed, and small businesses would need to file again.

The Small Business Rundown podcast offers small business owners an inside source in Washington, D.C. and the nation’s state capitals. Host Adam Temple and guests discuss and analyze the current issues and news that directly affect small businesses across the nation, including policies and programs, taxes and mandates, Supreme Court cases, and more.