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.