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CATTLEMEN THANK TRUMP ADMINISTRATION FOR PROTECTING SMALL BUSINESSES FROM CORPORATE TRANSPARENCY ACT
Mar. 4, 2025
Source: National Cattlemen's Beef Association news release
WASHINGTON - Today, the National Cattlemen's Beef Association (NCBA) thanked President Donald Trump and U.S. Treasury Secretary Scott Bessent for suspending enforcement of the Corporate Transparency Act (CTA) and limiting the scope of the law to protect family farms and ranches from excessive regulations.
"Family farmers and ranchers across the country are breathing a sigh of relief thanks to President Trump and Secretary Bessent suspending the Corporate Transparency Act reporting requirements for American citizens," said NCBA President Buck Wehrbein, a Nebraska cattleman. "We appreciate President Trump's common-sense approach and continued support for rural America and the hard-working cattle producers who feed our nation."
For months, the CTA reporting requirements have been subject to litigation, temporary enforcement pauses, and other changes that have created confusion for small business owners across the country. The announcement from the U.S. Department of the Treasury provides some short-term protection from the CTA's enforcement penalties while the agency works to craft new regulations that protect U.S. citizens from burdensome reporting requirements.
"For over a year, cattle producers have been extremely concerned with the ever-changing direction of the Corporate Transparency Act and the steep punishment associated with non-compliance," said NCBA Executive Director of Government Affairs Kent Bacus. "Without President Trump's intervention, millions of small business owners may have been in violation with the law. We greatly appreciate Treasury developing a new rule that provides certainty for small businesses and protects American agriculture."
NCBA continues to encourage cattle producers to consult with their attorney and/or tax professional about this latest development.
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