NFIB Director of Federal Government Relations Josh McLeod joined Wisconsin’s Weekend Morning News to update listeners on NFIB’s efforts to repeal the Beneficial Ownership Information (BOI) reporting requirements. Recently, NFIB launched new ads in Wisconsin urging Rep. Bryan Steil (R-Wis.) and Congress to permanently repeal the law that established the invasive and unconstitutional BOI mandate.
BOI Reporting Requirements
The BOI mandate requires small businesses to register with the federal government in a brand-new federal database that will be housed at the Financial Crimes Enforcement Network. This mandate affects 32.6 million small businesses and carries significant penalties, including a $10,000 fine and two years in prison. McLeod emphasized the lack of awareness among small businesses and the data privacy concerns associated with this new database.
McLeod encouraged small business owners to read up about the mandate and contact their senators and members of Congress to demand its repeal. With a short window of opportunity, NFIB is pushing for immediate action to protect small businesses from the burdensome and intrusive BOI reporting requirements.
Original reporting: NFIB (National Federation of Independent Business) — read the source article.
