Last week, State Director Christopher Carlozzi hosted NFIB’s Director of Federal Government Relations, Josh McLeod, for a virtual event about Beneficial Ownership reporting requirements and NFIB’s support of the Repealing Big Brother Overreach Act, a bill introduced to repeal the Corporate Transparency Act (CTA).

>>> WATCH NFIB Massachusetts’s virtual event HERE (or click on image below).

The CTA required that on January 1, 2024, corporations, LLCs, or similar entities with 20 or fewer employees and $5 million or less in sales needed to register their beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Failure to comply with the CTA could result in civil penalties of up to a $10,000 fine and criminal penalties of up to 2 years in prison. Rep. Warren Davidson and Sen. Tommy Tuberville have introduced legislation to repeal the burdensome beneficial ownership requirements on small businesses.

Beneficial Ownership reporting occurs on FinCEN’s electronic filing portal and is completely free. There is no need for any business to work with an outside third party for filing. Any business approached, encouraged, or told they must do so should disregard that advice immediately. Please contact the NFIB’s Small Business Legal Center at info@nfib.org with any suspicious Beneficial Ownership scams or stories.

If you have questions about this virtual event or any other NFIB membership or small business issues, please reach out to Julianna Rauf, NFIB Grassroots Manager, at Julianna.Rauf@NFIB.org or 857-228-9978.