What it means: A federal court blocked the Financial Crimes Enforcement Network (FinCEN) from enforcing the beneficial ownership reporting requirements, but the government has appealed creating uncertainty. NFIB launched a new ad campaign urging lawmakers to repeal it so small businesses won’t face this requirement in the future.

Our take: “While this unconstitutional law was recently blocked by a federal court, Congress must make this victory permanent by passing the Repealing Big Brother Overreach Act to protect privacy and relieve small business owners from this dangerous law,” said NFIB President Brad Close.

Take Action: Urge Congress to support repealing the beneficial ownership reporting requirements.

TAKE ACTION

The new small business registry was scheduled to be enforced at the end of the year, but in a lawsuit filed by NFIB, a federal court blocked the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) from enforcing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements. Unfortunately, the government has appealed the court’s decision creating uncertainty for small business owners.

To combat this burdensome requirement, NFIB announced a new national advertising campaign featuring targeted radio and digital ads urging Congress to pass the Repealing Big Brother Overreach Act (S. 4297 and H.R. 8147), which would repeal this burdensome requirement. This legislation would permanently relieve small businesses of the beneficial ownership mandate.

The Wall Street Journal Editorial Board published an op-ed discussing the impact of the BOI requirement on small businesses. The Editorial Board also urges Congress to repeal the CTA: “A one-year delay is already under consideration as an amendment to the year-end spending bill being debated in Congress. Congress can adopt this amendment, deliver relief to small business, and give the courts the time they need to resolve this mess.”

Learn more about the beneficial ownership reporting requirement and stay up-to-date with the latest news on this rule. Listen to and share the new NFIB Beneficial Ownership Repeal ad.

Take Action: Urge Congress to repeal the beneficial ownership reporting requirements.