Missouri small businesses applaud end of federal reporting rule

Missouri small business owners and supporters are celebrating a new federal rule, ending a requirement for U.S. companies to report identifying information about their owners to the government.

The Treasury Department finalized the change last week, exempting millions of businesses nationwide. The mandate was created under the Corporate Transparency Act to help fight financial crimes. Small businesses account for more than 99% of all businesses in Missouri.

Brad Jones, Missouri state director for the National Federation for Independent Business, called the move a major victory.

The Financial Crimes Enforcement Network said it will delete information previously submitted from U.S. companies and individuals. The federation estimated the change will save small businesses nationwide more than $128 billion in regulatory and compliance costs.

Although the Treasury Department’s decision makes the exemption permanent through federal regulation, the underlying law is still on the books. Jones noted the federation is excited about the revision but is hoping to see it go even further.

Jones added unless Congress gets rid of the mandate altogether, a future administration could bring it back. For now, only certain foreign companies registered to do business in the United States must report ownership information.

Chrystal Blair, Missouri News Service

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Chrystal Blair is a veteran news broadcaster with more than 30 years of experience in radio and television reporting, producing, and writing.

She was born and raised in Detroit, Michigan, and earned a degree in Communication/Radio, Television, Film from Eastern Michigan University. Before starting her career, Chrystal worked as a flight attendant for a major airline, indulging her passion for travel.

After a year of flying, she relocated to Los Angeles, California, where she began her career as a reporter at a community public access television station. While working at the station, Chrystal was selected “Reporter of the Year” for the community news awards. Since then, Chrystal has worked in television and radio for several mainstream media affiliates and has been honored with several prestigious awards, including CBS Radio’s “World Class Performer” award.

In addition to her professional pursuits, Chrystal has a passion for performing arts and has acted in several professional plays. She is also an animal lover and cares deeply for animal welfare. During her leisure time, she enjoys spending quality time with her rescued dog and cat.

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