Major win for small businesses with Final Rule on beneficial ownership reporting

By Atlanta Daily World

Main Street still needs Congress to permanently repeal invasive BOI mandate and protect small businesses

The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement in support of the U.S. Department of Treasury’s final rule protecting over 32 million U.S. small businesses from registering their Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). The final rule also commits FinCEN to quickly destroying the personal BOI data unnecessarily submitted by U.S. small business owners. This significant action saves small businesses from over $128 billion of regulatory and compliance costs.

“This final rule gives small business owners the certainty and relief they have been asking for,” NFIB Georgia Director Hunter Loggins said. “Our members thank the Trump administration for ending this burdensome reporting requirement and ordering the destruction of information already submitted. Congress should now permanently repeal the underlying law.”

For over 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.