Rushmore State News

South Dakota small business owner Steve Flanagan appeared on the latest episode of the National Federation of Independent Business (NFIB) Small Business Rundown podcast to discuss his experience with beneficial ownership reporting requirements. Flanagan shared his perspective as a business owner navigating these regulations.

Josh McLeod, NFIB’s Director of Federal Government Relations, joined the episode to provide an update on the current status of the mandate and highlighted concerns about its impact on small businesses. “NFIB’s Director of Federal Government Relations, Josh McLeod, also explains the status of the mandate and why action is needed to protect small businesses from it permanently.”

A recent regulation issued by FinCEN in March 2025 exempts all U.S. small businesses from having to file Beneficial Ownership Information (BOI) reports. However, this exemption could be temporary because the Corporate Transparency Act, which established these requirements, remains in effect. Unless Congress passes H.R. 8147 and S. 4297—the Repealing Big Brother Overreach Act—the exemption may be lifted and small businesses would once again have to comply with federal BOI reporting.

The Small Business Rundown podcast aims to inform owners about legislative and regulatory issues that affect their operations at both state and national levels. Host Adam Temple leads discussions on topics such as policy changes, tax matters, mandates, Supreme Court cases, and other developments relevant to small business interests.