WASHINGTON, D.C. (Feb 6, 2025) – NFIB Vice President of Federal Government Relations Jeff Brabant recently joined The Lars Larson National Radio Show to discuss the burdensome Beneficial Ownership Information reporting requirements mandated by the Corporate Transparency Act (CTA) and why small businesses are urging Congress to repeal the CTA.

Brabant considers how this mandate will negatively impact small business owners throughout the country and highlights the concerns shared by NFIB members regarding the privacy of their personal information and the burden of compliance.

Listen to Brabant’s interview here.

“If you’re a small business owner with less than 20 employees and less than five million in revenue, you’re going to have to file all of your ownership information – they’re calling it ‘beneficial ownership information’ – with an agency called the Financial Crimes Enforcement Network (FinCEN) really soon…and if you don’t, you can get fined up to $10,000 and you can go to jail for two years.

“Our members are very frustrated by this. They don’t think it’s fair that it only applies to small businesses, it’s an invasion of privacy, and it’s very burdensome. This is a lifelong commitment for small businesses; this isn’t a one-and-done…This is going to cost $77 billion to comply with [over ten years] by 32 million small businesses.”

NFIB’s lawsuit challenging the CTA is still ongoing. In the meantime, Congress can pass the Repealing Big Brother Overreach Act, legislation that would repeal the CTA and permanently relieve small businesses of the beneficial ownership information reporting requirements.