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Small Business Reporting Flexibility: Delaying Beneficial Ownership Enforcement

This Act aims to halt the enforcement of new Beneficial Ownership Information reporting requirements by the FinCEN network. Enforcement will be blocked until FinCEN postpones the reporting deadline by at least one year, finalizes all related regulations, and allows businesses to file reports via mail. This provides small businesses with more time to comply and ensures simpler filing methods.
Key points
Postponement of the enforcement of new beneficial ownership reporting requirements for small businesses by at least one year.
Requirement for the FinCEN agency to finalize all rules related to reporting before starting enforcement.
Allowing businesses to file the required reports via mail, simplifying compliance without relying solely on electronic systems.
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Expired
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Additional Information
Print number: 118_S_5414
Sponsor: Sen. Moran, Jerry [R-KS]
Process start date: 2024-12-03
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Reporting Flexibility Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5414.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-12-03.

What are the main provisions?

Key points include:

  • Postponement of the enforcement of new beneficial ownership reporting requirements for small businesses by at least one year.
  • Requirement for the FinCEN agency to finalize all rules related to reporting before starting enforcement.
  • Allowing businesses to file the required reports via mail, simplifying compliance without relying solely on electronic systems.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Moran, Jerry [R-KS].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Courts and Law