NCBA statement on Supreme Court ruling to reinstate Corporate Transparency Act mandateNCBA statement on Supreme Court ruling to reinstate Corporate Transparency Act mandate

NCBA Executive Director Kent Bacus issued a statement after the U.S. Supreme Court lifted the injunction halting enforcement of the Corporate Transparency Act’s reporting requirements.

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National Cattlemen’s Beef Association (NCBA) Executive Director of Government Affairs Kent Bacus issued a statement following the U.S. Supreme Court’s decision to lift the injunction that temporarily halted enforcement of the Corporate Transparency Act’s reporting requirements. The U.S. Supreme Court’s decision will allow enforcement of the act to move forward:
 
“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.”
 
Background
On Thursday, the U.S. Supreme Court blocked a nationwide injunction that was previously in place since December. The injunction had prevented the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury, from enforcing the Corporate Transparency Act and requiring small business owners to file beneficial ownership reports. 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 Corporate Transparency Act continue. Due to the fluid legal situation, NCBA advises cattle producers to consult an attorney and/or tax professional regarding personal impacts ofthe Corporate Transparency Act.

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About the Author

National Cattlemen's Beef Association

The National Cattlemen's Beef Association (NCBA) is the marketing organization and trade association for cattle farmers and ranchers. Founded in 1898, with offices in Denver, Colo., and Washington, D.C., NCBA is a producer-directed organization focused on industry advocacy, promotion, education and research.

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