National Cattlemen ’ s Beef Association
SEPTEMBER 2024 | Vol . 40 , No . 10 | NCBA . org
NEW CORPORATE TRANSPARENCY ACT IMPACTS FARMERS AND RANCHERS
Hollywood action movies have introduced us to the idea of “ shell companies ,” anonymous and secretive corporations with hidden money funneled all around the world . In the real world , some financial criminals have taken advantage of certain corporate structures to hide their identities and commit crimes . Revealing the identity of financial criminals is what led Congress to pass a new law in 2021 called the Corporate Transparency Act .
While the goal of the Corporate Transparency Act is unmasking anonymous companies to prevent financial crime , the law is also producing several unintended consequences for small business owners like cattle producers .
“ The intent of the Corporate Transparency Act may have been good , but its implementation is causing added burdens for farmers and ranchers ,” said NCBA Executive Director of Government Affairs Kent Bacus .
According to Bacus , the law requires business owners to file a “ beneficial ownership ” report with the Financial Crimes Enforcement Network ( FinCEN ), a division of the U . S . Department of the Treasury . The report provides FinCEN with the name , date of birth , address , and other personal information for anyone who is deemed a “ beneficial owner ” of a company .
The specific legal definition of “ beneficial owner ” is provided in official documents on FinCEN ’ s website , but , generally speaking ,
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THREE TIPS BEFORE WINTER | PG . 8
As winter approaches , use this checklist to make sure you have a risk management plan to protect your cattle and equipment .
FITNESS FOR TRANSPORT | PG . 11
Cattle health is not only important on the farm or ranch but in between , during cattle transport . These tools are useful whether you are a producer or employ haulers .
MEMBER MAIL BALLOT | PG . 16
Don ’ t miss your chance to vote on NCBA policy resolutions and join other producers to guide the direction of the cattle industry ’ s future .