The National Federation of Independent Business (NFIB) has expressed its approval following the removal of the requirement for U.S. small businesses to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This change is in relation to the Corporate Transparency Act.
Brad Close, President of NFIB, stated, "NFIB has been steadfast since the beginning that this onerous requirement is a massive intrusion into small businesses’ privacy and creates an unprecedented new government database on Americans. We agree with President Trump that requirements from the Corporate Transparency Act are ‘outrageous and invasive.’"
Close emphasized that NFIB will continue its efforts with Congress to ensure these actions by the Administration are solidified into law and aim for a full repeal of the Corporate Transparency Act. He also urged Congress to instruct FinCEN to destroy all data previously submitted by small businesses, which was done under duress due to potential fines and imprisonment.
