The U.S. Supreme Court has decided to lift the injunction that temporarily halted enforcement of the Corporate Transparency Act (ACT) reporting requirements, thus now allowing enforcement of the act to move forward.
National Cattlemen’s Beef Association (NCBA) Executive Director of Government Affairs Kent Bacus issued a statement following the U.S. Supreme Court’s decision: “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.”
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 CTA continue. Due to the fluid legal situation, NCBA advises cattle producers to consult an attorney and/or tax professional regarding personal impacts from the CTA.