Beneficial Ownership Information (BOI) reporting is a major privacy concern for small businesses. While U.S. small businesses do not currently have to report their data, the requirement is not yet repealed by Congress and previously submitted personal data has not been destroyed. In an interview, NFIB Vice President of Federal Government Relations explained that owners remain at risk and called attention to the need for Congress to provide permanent relief. a future Administration can bring it back unless Congress repeals

The interview highlighted why the requirement is burdensome for small business owners. The penalties extreme and if any information changes for anyone considered a beneficial owner, it must be updated within 30 days. While U.S. small business are currently exempt and penalties do not apply, a future administration can bring the requirement back unless Congress repeals it.

For over six years, NFIB has been fighting this issue. If not fully repealed or ruled unconstitutional, 32 million small businesses nationwide could be subjected to this invasive mandate again and those who fail to comply would face criminal and civil penalties of up to two years in federal prison and up to $10,000 in fines.

Learn more from the full interview and stay up-to-date on the status of the requirement through NFIB’s resources and by listening to the Small Business Rundown podcast. Take action: Urge Congress to act now and repeal BOI reporting for small businesses!