Beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect.
The U.S. District Court for the Eastern District of Texas reinstated the requirements on Feb. 18 with its ruling in Smith et al. v. U.S. Department of the Treasury, et al., which challenged the Corporate Transparency Act. The Financial Crimes Enforcement Network is extending the reporting deadline 30 days for most companies, which will now have until March 21 to file BOI reports.
There are currently several pieces of legislation in Congress to delay or repeal the CTA altogether.
Ranchers are encouraged by industry groups to reach out to their representatives in Congress in support of the bills, as well as consult with their attorney or tax adviser to see if they quality for reporting.
