Update On BOI Reporting

No Penalties or Fines for Failure to Comply with BOI Reporting

 What Happened?

On March 2, the U.S. Treasury Department announced it will not issue any fines or penalties for small businesses that do not file or update Beneficial Ownership Information (BOI) reports with FinCEN. This means that as of now, business owners do not need to file federal BOI reports. The Treasury Department also announced its plans to issue a proposed rule that would require only foreign companies to file BOI reports under the Corporate Transparency Act (CTA).

What's next in the BOI fight?

The fight to overturn the BOI reporting mandate is not over. NFIB has been meeting with Administration officials, and we continue to advocate for Congress to repeal the law that established this mandate. Our lawsuit against BOI reporting is active, and the court has expedited review with our oral argument taking place on April 1.

What can businesses do next?

Send a strong message to Congress urging the repeal of this requirement: Repeal the CTA - click here to take action.

You can view NFIB's BOI resources at NFIB.com/protectprivacy. If you have additional questions, you can contact the NFIB Legal Center at info@nfib.org.