News

Corporate Transparency Act requirements on hold

Farmers won’t have to meet an end-of-year deadline to comply with the Corporate Transparency Act. 

The Corporate Transparency Act would have required businesses including farms to provide additional information showing who is benefiting from and in control of businesses.  University of Wisconsin Extension Ag Law Specialist Kelly Wilfert tells Brownfield there have been court cases challenging the constitutionality of the law. “A federal court in Texas has made the decision to issue a nationwide stay, meaning that across the nation, individuals are not required to comply with this rule, and FinCEN (Financial Crimes Enforcement Network) has updated their website to indicate that.”

Wilfert says the law hasn’t gone away but, “We’ll expect to see an appeal and we think this will likely end up at the Supreme Court, so you’ll want to stay tuned to see whether the courts or Congress decide to roll back this rule, but for now, no action is needed.”

Wilfert advises farmers they should stay in contact with their tax and legal consultants to stay on top of possible changes in this law.

AUDIO: Kelly Wilfert discusses the Corporate Transparency Act and what farmers need to know for now with Brownfield’s Larry Lee