The National Cattlemen’s Beef Association (NCBA) recommends ranchers should review the Corporate Transparency Act with their tax attorneys as key deadlines are approaching at the end of the year.
NCBA members recently passed policy at the 2024 Summer Business Meeting to take action on the measure, including outreach and education to ranchers.
The measure was passed in 2021 and requires companies to report beneficial ownership information to the Financial Crimes Enforcement Network. The measure is intended to reduce financial crime, but it will have implications on ranchers with fewer than 20 employees that are structured as corporations such as limited liability companies.
“I strongly encourage you to review the resources on www.fincen.gov/boi to determine if the Corporate Transparency Act applies to your business,” said NCBA Tax and Credit Committee Vice Chair Jeff Magee.
“Deadlines are coming up soon and failing to comply with the law can carry a fine of $500 per day and possible jail time.”
