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NATL CATTLEMEN'S BEEF ASSN ON SUPREME COURT DECISION TO REINSTATE DREADED CORPORATE TRANSPARENCY ACT MANDATE
Jan. 27, 2025
Source: National Cattlemen's Beef Association news release
WASHINGTON - Today, National Cattlemen's Beef Association (NCBA) Executive Director of Government Affairs Kent Bacus issued a statement following the U.S. Supreme Court's decision to lift the injunction that temporarily halted enforcement of the Corporate Transparency Act's reporting requirements. The U.S. Supreme Court's decision will allow enforcement of the act to move forward:
"Cattle producers across the country are disappointed in the Supreme Court's ruling, which will allow the federal government to blanket family-owned farms and ranches in fresh red tape while subjecting millions of law-abiding small business owners to potential legal jeopardy. We urge President Trump, and his nominee for Treasury Secretary Scott Bessent, to rescue millions of American small business owners from these burdensome reporting requirements and delay enforcement until a meaningful solution is found."
Background
On Thursday, the U.S. Supreme Court blocked a nationwide injunction that was previously in place since December. The injunction had prevented the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury, from enforcing the Corporate Transparency Act and requiring small business owners to file beneficial ownership reports. This latest action from the U.S. Supreme Court allows enforcement of the beneficial ownership reporting requirements to move forward while federal court cases over the legality of the Corporate Transparency Act continue. Due to the fluid legal situation, NCBA advises cattle producers to consult an attorney and/or tax professional regarding personal impacts from the Corporate Transparency Act.
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