What it means: Following extensive efforts by NFIB, small businesses scored a major victory when the U.S. Treasury Department announced that more than 32 million small business owners are no longer subject to penalties for failing to comply with Beneficial Ownership Information (BOI) reporting rules. While this action by the Trump Administration is welcomed, small businesses should continue to urge Congress to make this win permanent by repealing the Corporate Transparency Act (CTA).

Our take: “NFIB greatly appreciates President Trump’s strong support in this important effort to protect America’s small business owners from what he correctly labeled an ‘outrageous and invasive’ Beneficial Ownership Information (BOI) reporting requirement,” said Adam Temple, NFIB Senior Vice President for Advocacy.

Take Action: NFIB continues the fight to overturn the dangerous and unconstitutional BOI reporting requirements in federal court and repeal it in Congress. Help us send a strong message to Congress: Repeal the CTA.

On March 2, the U.S. Treasury Department announced it will not issue fines or penalties for small businesses that do not file Beneficial Ownership Information (BOI) reports by March 21. While this decision by the Administration is a victory for small business, it does not end the fight in Congress to stop the Corporate Transparency Act’s (CTA) unconstitutional and harmful mandate for small businesses.

Small businesses nationwide oppose the BOI reporting requirements, which force over 32 million small business owners to submit their private, personal information to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This unconstitutional overreach gives domestic and foreign government agencies access to this information in a new, untested database without a subpoena or warrant.

Meanwhile, anti-small business groups who support the BOI mandate are trying to keep it alive by calling America’s 32 million American small businesses money launderers, tax cheats, and worse.

NFIB’s lawsuit against BOI reporting is active, and the court has expedited review with an oral argument scheduled for April 1. Lifting the enforcement of the outrageously severe criminal and civil penalties – that include up to two years in federal prison and up to $10,000 in fines – is a step in the right direction. However, the law is still unconstitutional, and NFIB continues to work tirelessly to repeal the CTA.

While announcing the decision to stop BOI enforcement, the Treasury also shared its plans to issue a rule that would require only foreign companies to file BOI reports. NFIB will continue to monitor this and send further updates when the Treasury makes any changes. The Administration and Congress must stop this unnecessary violation of small business owners’ privacy by passing and signing into law the Repealing Big Brother Overreach Act. Take Action: Urge Congress to fully repeal BOI reporting by sending them a message.