WASHINGTON, D.C. (July 23, 2026) – Today, the National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released Episode 92 of the “Small Business Rundown” podcast highlighting why Beneficial Ownership Information (BOI) reporting remains a significant threat for small businesses.

NFIB member Nancy Marr explains the costs and burden of the filing process. U.S. Representative Brad Finstad (MN-01) discusses the work Congress is doing, and NFIB Director of Federal Government Relations Josh McLeod provides a legislative update and urges small business owners to push for the repeal of BOI and for an unnecessary database of small business owners’ personal data to be destroyed.

Listen to this episode of the Small Business Rundown podcast here or on NFIB’s website.

NFIB Member Nancy Marr said:

“I should have been able to [register] myself. I went on the, this is about a couple of years ago, I went on the beneficial ownership website and thought, ‘okay, let’s get this done.’ It was so confusing. I consider myself to be a reasonably smart person. And it was, it was really confusing. I was really concerned about making an error, and I knew there was work to overturn the beneficial ownership requirement, but there was also a deadline that was looming with the threat of penalties.”

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“Well, I think that the fact that [the Administration is] no longer requiring domestic entities to file it is great, but I think it needs to be permanent. And I think that either they get rid of the database or they apply the same rules of the Fourth Amendment to how the database can be searched.”

U.S. Rep. Brad Finstad (MN-01) said:

“This is an issue that’s important to me as an NFIB member myself, as a member of Congress and a small business owner, and you know, as someone that has seen this firsthand. And I will just say that the domestic businesses are currently exempt from BOI reporting. But the challenge we have is these actions, they can be reversed by future administrations. So, we kind of have this yin and yang. If another administration comes in and says, ‘okay, we want to do it now.’ It’s just more unpredictability in the countryside for our small businesses. So, I’m going to continue to push for and support legislation that permanently eliminates this mandate, rather than delaying it and just leaving people again with more uncertainty and unknowns of what’s to lie ahead.”

NFIB Director of Federal Government Relations Josh McLeod said:

“The major role here is Congress, because without congressional action, [BOI reporting] will come back. This will be a day one priority of a future administration, and they’ll, as we know, this law, the Corporate Transparency Act, this is so broad, the statute is so broad that it gives FinCEN a whole lot of liberty to write regulations in ways that pull in homeowners associations and individuals with, quote unquote, substantial control. So, it will come back, and that’s why we need Congress to really solidify this victory.”

NFIB continues to fight against Beneficial Ownership Information reporting regulations in Congress, executive branch agencies, and the federal courts, working to permanently block and repeal it. If not fully repealed, 32 million small businesses nationwide would once again be subjected to this unnecessary, invasive, and unconstitutional mandate. 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. For more information on BOI, visit ProtectSmallBusiness.org.

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For over 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.