Good. More useless make-work from the Administrative State for small businesses and now it's gone. The Wall Street Journal editorialized against it several times in the last couple years.
Here's an AI generated (ChatGPT) description of the purported goals but see the brief video by a CPA (who I rather doubt deserves all the credit he is taking) below the text. Anti-money laundering effort – but see who is exempt!
CHATGPT – The Beneficial Ownership Information (BOI) filing was a requirement under the Corporate Transparency Act (CTA) of 2021, mandating that businesses disclose information about individuals who directly or indirectly own or control at least 25% of a company or exercise substantial control over it. This measure aimed to combat illicit financial activities, such as money laundering and tax evasion, by increasing transparency in corporate ownership structures.
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