Mid-South Conference: Updates on ag tax and the Corporate Transparency Act
"Our experience has been that many of the folks we present to have not heard of the CTA. These are people who may very well be subject to the reporting requirements, such as farmers and small business owners." — Kristine Tidgren
By Tru Joi Curtis
National Agricultural Law Center
U of A System Division of Agriculture
April 12, 2024
Fast facts:
- National Ag Law Center’s Mid-South conference set for June 6-7
- Kristine Tidgren presenting session on Corporate Transparency Act, ag taxes
- Conference registration is online
(502 words)
Download related photo of Tidgren
FAYETTEVILLE, Ark. — When Benjamin Franklin wrote “nothing can be said to be certain,
except death and taxes,” he had no inkling of the unpredictable life of the Corporate
Transparency Act.
CTA was made law in 2021, placing new requirements to report beneficial owners of
businesses, including those in agriculture. CTA came with teeth too, including the
potential for criminal penalties for non-compliance for registered business entities
such as LLCs and corporations.
Though it went into effect at the beginning of 2024, the people most affected by it
seemed largely unaware of the law. Then, on March 1, CTA was declared unconstitutional
by a federal district court in Alabama.
However, it’s not the end of the road for this law. Kristine Tidgren, director of
the Center for Agricultural Law and Taxation at Iowa State University, will present “2024 and Beyond: Ag Tax Update and the Corporate
Transparency Act,” as part of the 11th Annual Mid-South Agricultural and Environmental Law Conference.
Tidgren’s session will take place June 7 at the University of Memphis Cecil C. Humphreys School of Law. Registration for the conference is online, and a livestream option is also available.
Tidgren has provided extensive outreach to producers, landowners, tax professionals
and others on the CTA.
“Our experience has been that many of the folks we present to have not heard of the
CTA,” Tidgren said. “These are people who may very well be subject to the reporting
requirements, such as farmers and small business owners. So, I’m very much looking
forward to providing the very latest on the CTA as well as ag tax at the 11th Annual Mid-South conference.”
What happens next?
In the wake of the federal district court’s ruling, the Justice Department filed a
notice for appeal on March 11 that will go to the 11th Circuit Court of Appeals.
“We’ll have to wait and see how things shake out in the aftermath of the federal court’s
ruling,” Tidgren said. “The outcome of the appeal remains to be seen, but since the
current ruling does not apply to most businesses, it’s an issue to be on top of through
2024 and into 2025.”
Recent updates regarding agricultural taxes will also have a considerable impact when
it comes to estate and business planning in the agricultural sector.
“As we head into 2025, it’s important to take stock of where we are and where we’re
likely headed with respect to laws impacting ag tax,” NALC Director Harrison Pittman
said. “Additionally, it’s very important that attorneys, CPAs, agribusinesses and
others who work with producers know the very latest about the Corporate Transparency
Act, or CTA. The CTA is intended to apply broadly across the economy but is one of
the most important developments for agriculture in 2024.
“Kristine is a nationally recognized and respected expert on ag tax as well as the
CTA,” Pittman said. “She and her team have been outstanding partners to the NALC,
and we are really excited that attendees will have the opportunity to hear directly
from her.”
For information about the National Agricultural Law Center, visit nationalaglawcenter.org or follow @Nataglaw on X. The National Agricultural Law Center is also on Facebook and LinkedIn.
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About the National Agricultural Law Center
The National Agricultural Law Center serves as the nation’s leading source of agricultural
and food law research and information. The NALC works with producers, state and federal
policymakers, Congressional staffers, attorneys, land grant universities, and many
others to provide objective, nonpartisan agricultural and food law research and information
to the nation’s agricultural community.
The NALC is a unit of the University of Arkansas System Division of Agriculture and
works in close partnership with the USDA Agricultural Research Service, National Agricultural
Library.
About the Division of Agriculture
The University of Arkansas System Division of Agriculture’s mission is to strengthen
agriculture, communities, and families by connecting trusted research to the adoption
of best practices. The Division of Agriculture conducts research and extension work
within the nation’s historic land grant education system through the Agricultural
Experiment Station and the Cooperative Extension Service.
The Division of Agriculture is one of 20 entities within the University of Arkansas
System. It has offices in all 75 counties in Arkansas and faculty on five system campuses.
The University of Arkansas System Division of Agriculture is an equal opportunity/equal
access/affirmative action institution. If you require a reasonable accommodation to
participate or need materials in another format, please contact dviguet@uark.edu as
soon as possible. Dial 711 for Arkansas Relay.
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Media contact:
Drew Viguet
Communications & Special Projects Coordinator
National Agricultural Law Center
dviguet@uark.edu