Under the Corporate Transparency Act (CTA), which went into effect on January 1, 2024, over 32 million U.S. small businesses were required to file BOI reports with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Those who failed to file — or failed to update this information if needed — would face up to two years imprisonment and fines of up to $10,000, in addition to civil penalties of up to $591 per day. NFIB’s lawsuit against BOI reporting is active and the court has expedited review with our oral argument taking place on April 1. 

So what's the latest? 
Update 03/21/2025: The Financial Crimes Enforcement Network (FinCEN) has issued a new regulation that exempts all U.S. small businesses and U.S. persons from the Beneficial Ownership Information (BOI) reporting requirements. This means that small businesses do not need to file federal BOI reports. FinCEN’s press release provides confirmation of this update and more details.

NFIB continues to advocate for Congress to permanently repeal the law that established this mandate, and for FinCEN to immediately destroy all BOI data already submitted by U.S. small businesses. NFIB's lawsuit against BOI reporting is still active.

What can businesses do?
Continue to keep the pressure on Congress to fully repeal beneficial ownership reporting. Send them a message now!

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Personalized messages get the attention of lawmakers! Examples you could share:

• If you have already filed, how much time did it take away from running your business?
• If you hired additional help to support additional reporting, how much did it cost?

NFIB does not provide tax, legal, or accounting advice. This action alert has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisor(s) for specific information related to your business.