Source: NCBA
Today, the National Cattlemen’s Beef Association (NCBA) warned cattle producers that Corporate Transparency Act filing requirements are back in effect following a court decision that reverses the injunction that previously halted this mandate.
“The Corporate Transparency Act requires millions of family farmers and ranchers to file complex paperwork and disclose beneficial ownership information with the federal government under penalty of severe fines and jailtime,” said NCBA Executive Director of Government Affairs Kent Bacus. “FinCEN should do the right thing and provide a realistic delay to the Corporate Transparency Act until Congress has an opportunity to provide a permanent fix that protects family farmers and ranchers.”
On Monday, the Fifth Circuit Court of Appeals lifted a nationwide preliminary injunction on the enforcement of the Corporate Transparency Act, holding that the government is likely to prevail in a constitutional challenge. This decision places many small businesses in jeopardy that have not yet filed Beneficial Ownership Information with the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury.
In light of the Fifth Circuit’s decision, FinCEN announced it will delay enforcement of the Corporate Transparency Act until January 13, 2025—just three weeks from now. This delay does not allow enough time for millions of small businesses to comply with the law, and it is deeply concerning that FinCEN will proceed with enforcing this law when it has failed to give adequate notice and instructions to law abiding family business owners.
NCBA will continue fighting for a permanent solution that protects cattle farmers and ranchers from this overreaching mandate. In the meantime, cattle producers are advised to consult their attorney and/or tax professional regarding this new development.
