A federal court recently blocked the Financial Crimes Enforcement Network (FinCEN) from enforcing the beneficial ownership reporting requirements, leading to a new advertising campaign by the National Federation of Independent Business (NFIB). The NFIB is urging lawmakers to permanently repeal this requirement for small businesses.

NFIB President Brad Close stated, "While this unconstitutional law was recently blocked by a federal court, Congress must make this victory permanent by passing the Repealing Big Brother Overreach Act to protect privacy and relieve small business owners from this dangerous law."

The new registry for small businesses was set to be enforced at the end of the year. However, following a lawsuit filed by NFIB, a federal court halted FinCEN's enforcement of the Corporate Transparency Act’s beneficial ownership information reporting requirements. Despite this decision, the government has appealed, leaving small business owners uncertain about future obligations.

In response to these developments, NFIB launched a national advertising campaign featuring targeted radio and digital ads. These ads urge Congress to pass the Repealing Big Brother Overreach Act (S. 4297 and H.R. 8147), which aims to eliminate these reporting requirements permanently.

The NFIB encourages individuals to learn more about these requirements and participate in advocacy efforts by urging Congress to repeal them.