(WASHINGTON D.C.) — Farmers and ranchers may be feeling like they’re on a roller coaster when it comes to Beneficial Ownership Information reporting requirements. A previously reinstated filing requirement has once again been put on hold.
Dustin Sherer, director of government affairs for the American Farm Bureau Federation, says a federal court has again delayed a requirement to report information to the Financial Crimes Enforcement Network, or FinCEN. “The same circuit court, but a different panel, the Merits Panel, said we agree to hear this appeal, but we are vacating the stay of the injunction that was issued in the meantime, in order to maintain the constitutional status quo,” according to Sherer. “Once again, we are back where we were on December 3, which is there is no filing deadline for this information, as of right now.”
Sherer says farmers and ranchers may have to wait a little while longer before a permanent decision is made. “I would expect something to happen within the next month or two, but obviously, that also coincides with some political changes,” says Sherer. “We have a new Congress getting sworn in January 3. We have a new administration getting sworn in on January 20. I expect the incoming administration to have a different view of the Corporate Transparency Act than the current one.”
He says any small business owner who may be required to file should have their paperwork in place, just in case. “That is our recommendation,” according to Sherer. “If you have consulted with an attorney or CPA or looked at the rules yourself and believe that you are a business owner who has a small business who is subject to these filing requirements, it is our strong recommendation that you have all this information gathered up and ready to file, should the court decide to reinstate the deadline at some point in the near future.”
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,” says Bacus. “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.”
Bacus added that “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.”
