Attention business owners and privacy advocates!
The saga of Beneficial Ownership Information (BOI) reporting continues, and there’s a crucial update you need to know about.
Remember that controversial requirement to report personal information to the government – information they likely already have? Well, there’s been a significant development.
The President has suspended all enforcement of the Beneficial Ownership Information reporting requirement for U.S. Citizens.
Here’s what this means for you:
First of all, If you were scrambling to gather all the necessary information, you can breathe a sigh of relief. The suspension gives you time to work on more important things….like running your business.
Secondly, This suggests the administration is taking this seriously and wants to ensure this is for companies it should apply to who do business internationally.
Lastly, The fundamental issues around data privacy and government overreach are being addressed.
You may also wish to catch up what the courts are saying regarding this issue. You can find that here:
https://natlawreview.com/article/out-bang-treasury-restricts-corporate-transparency-act-foreign-reporting-companies#google_vignette
What’s next? Stay tuned for more updates as we follow other rules and regulations on a national, but more critically, a state level. Remember, knowledge is power when it comes to navigating these complex regulatory waters.
Are you concerned about things like the BOI reporting requirements? How do you think these types of things could impact your business? Share your thoughts in the comments below!
Jan Wangler, Executive Director 