WASHINGTON (December 28, 2024) – Today, National Cattlemen’s Beef Association (NCBA) Executive Director of Government Affairs Kent Bacus issued a statement following the latest court development that has once again put the Corporate Transparency Act reporting requirements temporarily on hold:
“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.
“On Christmas Eve, NCBA sent a letter to Secretary of the Treasury Janet Yellen urging a delay in enforcing the Corporate Transparency Act. NCBA is also continuing to urge Congress to pass legislation that will permanently protect cattle farmers and ranchers from this burdensome mandate.”
Background
On December 3, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction that temporarily halted enforcement of the Corporate Transparency Act. The U.S. government appealed the ruling and on December 23, a panel of the U.S. Court of Appeals for the Fifth Circuit overturned the injunction. After that ruling, the Financial Crimes Enforcement Network (FinCEN) announced that the deadline for beneficial ownership report filing was January 13, 2025. On December 26, the full U.S. Court of Appeals for the Fifth Circuit reversed their previous decision, and the Corporate Transparency Act is once again temporarily on hold. FinCEN has suspended enforcement and will accept voluntary reports.
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