Sorting Pen: The California Cattleman Podcast

S4 E17: Sorting through what the Corporate Transparency Act (a new federal law) could mean for your business

This episode is focused on getting everyone up to speed on a new law called the Corporate Transparency Act. It is a law that was passed in 2021 and is now being enforced, with deadlines quickly approaching—which if you miss could result in extreme fines. If your farm or ranch has 20 or fewer employees, is structured as a corporation, LLC, or filed registration paperwork with the secretary of state, you may be required to file new paperwork with a division of the U.S. Department of the Treasury. NCBA’s Executive Director of Government Affairs Kent Bacus is this episode’s guest. Kent explains what the law this is, what this could mean for your ranch (or other business), how the law came about and more.

The conversation in this episode is not professional advice. After listening, it would be best to consult with a tax professional or attorney for advice as to whether the Corporate Transparency Act applies to you.

Episode Resources:

• NCBA Reminds Cattle Producers to Review Corporate Transparency Act and Avoid Costly Penalties
• Why Join NCBA?