Small businesses support legislation that would ease burdensome information reporting requirements
There's still time to make your voice heard. The House Small Business Committee will hold a hearing on the BOI on May 30th. I take action: Send a message to your legislators in support of repealing the CTA.
I take action
On January 1, 2024, beneficial ownership reporting requirements went into effect, impacting 32.6 million small businesses. The NFIB was introduced by U.S. Representative Warren Davidson (OH-08) and Senator Tommy Tuberville (Alabama). Corporate Transparency Act (CTA). Repealing the CTA frees small businesses from one of the largest and most burdensome small business regulations, beneficial ownership information (BOI) requirements.
“Abolishing Corporate Transparency Act “This bill is welcome news for small business owners, as it contained one of the largest and most burdensome pieces of legislation to impact the small business economy in generations,” said NFIB Vice President of Federal Government Relations. said Jeff Brabant. “This law identifies small business owners and subjects them to civil and criminal penalties for simple document violations.”
The CTA provides a new federal CTA-administered Requires reporting of beneficial ownership information in the database. Financial Crimes Enforcement Network (FinCEN).
“This gives state, federal, and international law enforcement almost unrestricted access to databases containing personal and, in some cases, confidential information of millions of small business owners,” Brabant explained. did. ” Corporate Transparency Act It is beyond repair, and NFIB commends Senator Tuberville and Representative Davidson for introducing legislation to repeal it. ”
NFIB hosted a webinar with guest experts earlier this year to explain and clarify the new requirements. Beth Milito, executive director of NFIB's Small Business Legal Center, participated. Overview of small and medium enterprises In our podcast episode, “Beneficial Ownership Law: What Small Businesses Need to Know,” we discuss what the requirements mean for small businesses. A fact sheet is also available with details on who needs to report and what information they need to provide.