(NAFB)The Corporate Transparency Act kicks in this year and creates a reporting requirement that many farmers may not know about. Harrison Pittman, Executive Director of the National Agricultural Law Center, talks about the new law on the books.
The requirement means disclosing information about the beneficial owners of the entities, including single-owner LLCs. Pittman says it’s not just for agriculture.
The new requirement is expected to impact at least 32.6 million entities. He says the strange thing is no one appears to be telling business owners about the new requirement.
More information is available at nationalaglawcenter.org.
###################################################################
Submitted by Chad Smith on Mon, 01/08/2024 – 14:54
Source: NAFB News Service
Audio provided by NAFB News Service
Audio with Harrison Pittman, Executive Director of the National Agricultural Law Center, Fayetteville, Arkansas
Tuesday Morning News
