The Fifth Circuit Court of Appeals has officially reinstated the enforcement of the Corporate Transparency Act.
Earlier this month, a district court judge issued a nationwide injunction blocking the implementation of the law; however, the Fifth Circuit ruling reversed that. Small businesses will now be required to file reports disclosing their beneficial ownership information beginning January 1st. The American Farm Bureau estimates more than 230,000 farms will be subject to file such reports.
AFBF President Zippy Duvall expressed his disappointment with the ruling, sharing, “It’s clear that many farmers aren’t aware of the filing requirement because of lack of guidance and the government’s poor public outreach.”
Duvall is now urging the government to grant an extension so more family businesses can comply.
