As a new Congress and administration take office, the issue of beneficial ownership remains significant for small businesses. The Small Business Rundown podcast features NFIB member Michael Murray, founder and owner of SpotOn Productions in Liberty Township, Ohio; U.S. Representative Warren Davidson (OH-8); and Beth Milito, NFIB Vice President and Executive Director of the Small Business Legal Center. They discuss recent developments concerning the law, efforts to halt it, and its effects on small businesses.

The Corporate Transparency Act (CTA), passed by Congress in 2021, mandates over 32 million small businesses across the United States to report Beneficial Ownership Information (BOI). Although the U.S. Supreme Court has allowed the government to reinstate this reporting requirement, ongoing litigation means that small businesses are not currently required to file.

Michael Murray expressed his concerns about compliance with the act: “Suddenly it’s like, what am I going to have to pay, be compliant, or get dragged off and penalized and locked up for an indeterminate amount of time?” He added that it "seems to be a little harsh for the small American businessmen that we are."

Congressman Davidson commented on targeting small businesses with these regulations: “We support cutting off illicit finance, but targeting small businesses like Mike’s is the wrong way to do it.” He noted their collaboration with NFIB and others in joining an amicus brief on this case.

The full podcast episode titled “Beneficial Ownership Update – U.S. Rep. Warren Davidson, Ohio Small Business Owner” offers more insights into the law and how actions can be taken against it. This episode was recorded on Tuesday, January 14.