Beneficial Ownership Information (BOI) reporting is a huge regulatory burden that only affects small businesses. NFIB President Brad Close joined The David Webb Show on SiriusXM to discuss the impact of BOI reporting on small business and the need for Congress to repeal and destroy the data already collected.  

The interview covered: 

• BOI reporting 

• Congressional Action on BOI reporting 

• Legal consequences 

Larger businesses have far more resources for dealing with regulations, and they are exempt from this new mandate. With the institution of the Corporate Transparency Act’s reporting requirement in 2024, businesses with fewer than 20 employees and $5 million or less in annual revenue were required to register their private information under threat of significant civil and criminal penalties—up to a $10,000 fine and two years in prison. 

In March, President Trump exempted American small businesses from the Corporate Transparency Act’s reporting requirement, but without permanent action, more than 32 million small businesses could be jeopardized in the future if this requirement is reinstituted.  

Close explained the necessity for the BOI information already collected to be destroyed. The Financial Crimes Enforcement Network (FinCEN) government database has significant security concerns for the sensitive personal information of businesses forced to file. More than 12,000 local, state, federal, and international law enforcement agents can access this information without a subpoena or a warrant, and security leaks are a real threat for small businesses. Action from Congress is required to ensure that the data of small businesses is protected now and going forward. 

NFIB is asking Congress to permanently repeal this mandate and delete all information currently held by FinCEN to protect the safety and security of America’s small businesses. To hear more about what Congress can do to take action, listen to the full interview.  

Take Action: Urge Congress to permanently repeal Beneficial Ownership Information reporting now.