Golden State Today

NFIB Vice President of Federal Government Relations, Jeff Brabant, recently appeared on "Mottek On Money" at KABC Los Angeles to discuss the implications of the Beneficial Ownership Information reporting requirements. These mandates are part of the Corporate Transparency Act (CTA), which small businesses are urging Congress to repeal.

Brabant addressed concerns about how these requirements might negatively affect small business owners nationwide. He emphasized issues related to privacy and compliance burdens as highlighted by NFIB members.

"This only affects businesses with 20 or fewer employees and less than $5 million in revenue," Brabant explained. "So, if you want to open up a small business, you now have to prove with the national intelligence agency, the Financial Crimes Enforcement Network (FinCEN), and register with them the driver’s license information, the business address of not only the owners of your business but anyone with substantial control of the business."

The NFIB's lawsuit challenging the CTA is ongoing. Meanwhile, Congress has an opportunity to pass the Repealing Big Brother Overreach Act, legislation aimed at repealing the CTA and relieving small businesses from these reporting obligations.

For more insights from Brabant's discussion, listen to his interview here: https://youtu.be/fu0yyC_ZlE0