According to the National Cattlemen’s Beef Association (NCBA) there has been another development concerning the Corporate Transparency Act (CTA). The latest court development has once again put the CTA reporting requirements temporarily on hold.
On Saturday, NCBA Executive Director of Government Affairs Kent Bacus said, “In a new decision, the U.S. Fifth Circuit Court of Appeals reversed a previous ruling they issued before Christmas and has instead decided to uphold the injunction blocking the Corporate Transparency Act from taking effect. This means that cattle producers have another temporary reprieve from filing beneficial ownership information with the U.S. Treasury. These court rulings have gone back and forth and continue to add to confusion. NCBA urges all cattle producers to consult with their attorney and/or tax professional for the latest information.”
NCBA continues to urge Congress to pass legislation that will permanently protect cattle farmers and ranchers from this burdensome mandate.