As a new Congress and administration begin, beneficial ownership remains a key issue for small business. The Small Business Rundown podcast features NFIB member Michael Murray, founder and owner of SpotOn Productions in Liberty Township, Ohio, U.S. Representative Warren Davidson (OH-8), and Beth Milito, NFIB Vice President and Executive Director of the Small Business Legal Center as they discuss the latest updates on the law, efforts to stop it, and its impact on small business. 

The Corporate Transparency Act (CTA) was passed in Congress in 2021, requiring more than 32 million small businesses across the United States to report what is known as Beneficial Ownership Information (BOI). The U.S. Supreme Court granted the government’s motion to reinstate the reporting requirement, but due to ongoing litigation small business are not currently required to file.  

“Suddenly it’s like, what am I going to have to pay, be compliant, or get dragged off and penalized and locked up for an indeterminate amount of time?” says Murray. “Seems to be a little harsh for the small American businessmen that we are.” 

“We support cutting off illicit finance, but targeting small businesses like Mike’s is the wrong way to do it,” said Congressman Davidson.  “We are working with NFIB and others to join the amicus brief on this case.” 

Listen to the full podcast episode “Beneficial Ownership Update – U.S. Rep. Warren Davidson, Ohio Small Business Owner” to hear the latest on the law and how to take action to stop it. Note: Given the speed of court decisions and updates on the law, this episode was recorded Tuesday, January 14.