The Corporate Transparency Act’s reporting requirement took effect January 1, 2024. This law requires corporations or limited liability companies (LLCs) 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 FinCEN.
NFIB opposed the Corporate Transparency Act, which created the beneficial ownership information 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:
