NCBA Urges Compliance Amid Tight CTA Deadlines
Cattle producers are facing the return of Corporate Transparency Act (CTA) filing requirements, as announced by the National Cattlemen’s Beef Association (NCBA). This development follows a recent court ruling reversing a nationwide injunction that previously halted enforcement.
The Fifth Circuit Court of Appeals lifted the injunction on December 24, allowing the government to proceed with enforcing the CTA.
The Financial Crimes Enforcement Network (FinCEN) has set January 13, 2025, as the new compliance deadline, providing producers with just three weeks to meet the requirements.
The CTA mandates detailed reporting of beneficial ownership information to the federal government. “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.”
NCBA criticized the lack of adequate notice and guidance from FinCEN, leaving many cattle producers unprepared. The organization pledged to continue advocating for a permanent solution to alleviate the burden on small businesses and family operations.
In the meantime, cattle producers are strongly encouraged to consult legal or financial advisors to navigate the complex requirements of the CTA. The NCBA remains committed to protecting the interests of the cattle industry while urging Congress to enact a long-term resolution.