The Corporate Transparency Act’s reporting requirement took effect January 1, 2024. This law required corporations with 20 or fewer employees and $5 million or less in gross annual revenues to report beneficial ownership information containing personally identifiable information of small business owners to the Financial Crimes Enforcement Network (FinCEN).
In March 2025, FinCEN issued a new regulation that exempts all U.S. small businesses from the Beneficial Ownership Information (BOI) reporting requirements. This means that small businesses do not need to file federal BOI reports.
NFIB opposed the Corporate Transparency Act, which created the BOI reporting requirements and is concerned that FinCEN has failed to adequately define what businesses, and who exactly, must report.
NFIB supports H.R. 8147 and S. 4297, Repealing Big Brother Overreach Act.
Resources on Beneficial Reporting Requirements:
- Beneficial Ownership Factsheet
- Free Beneficial Ownership Webinar Watch Here
- Small Business Rundown Podcast Episode
