Beneficial Ownership Information (BOI) reporting continues to threaten more than 32 million small businesses. During an interview on the David Webb Show on SiriusXM, NFIB President Brad Close explores the latest developments for federal BOI reporting requirements and what action Congress must take to protect small businesses from this invasive mandate moving forward.  

How can Congress give small business permanent relief from BOI reporting ? 

The current administration exempted small businesses from reporting Beneficial Ownership Information (BOI) earlier this year. The Financial Crimes Enforcement Network (FinCEN) also announced they will destroy sensitive data and issue a final ruling exempting U.S. small businesses from BOI reporting requirements by the end of the year. Despite these commitments, the mandate is still written into federal law, and a future administration could easily change course and reimpose the reporting mandate. Congress can immediately protect the personal information of small business owners and remove the threat of this mandate returning by fully repealing the Corporate Transparency Act and requiring that previously submitted data be destroyed. 

The interview covers: 

• Latest developments of BOI reporting 

• Risks for small business owners 

• What Congress needs to do 

While the current administration has provided temporary relief from these reporting requirements, only Congress can vote to repeal the Corporate Transparency Act and prevent the BOI reporting mandate from affecting small businesses in the future. Watch the full interview online for a better understanding of the dangers of this burdensome regulation. 

Take Action: Urge Congress to act now and permanently repeal BOI reporting for small businesses!