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National Ag Law Center highlights urgency of Corporate Transparency Act with March webinar

The Corporate Transparency Act requires that many small business entities file with the federal government in 2024.

By Drew Viguet
National Agricultural Law Center
U of A System Division of Agriculture

Feb. 28, 2024

Fast facts:

  • Many small businesses are now required to register under the Corporate Transparency Act
  • National Ag Law Center will host a webinar with information on the CTA on March 20
  • Registration is online

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Download related photo of Kristine Tidgren

FAYETTEVILLE, Ark. — If you own a small business, farm, or share beneficial ownership of an entity, you are likely subject to a new reporting requirement in 2024. The Corporate Transparency Act is directed at small businesses or entities who have beneficial owners, and failure to comply with reporting may result in criminal fines and penalties.

Photo of Kristine Tidgren
Kristine Tidgren, director of the Center for Agricultural Law and Taxation at Iowa State University, will present the National Ag Law Center's March 20 webinar on the Corporate Transparency Act.

The Corporate Transparency Act, or CTA, requires that most small business entities, including single-member LLCs, to file online reports with the federal government that disclose information about the entity’s beneficial owners. Reporting can be completed online through a portal at the Financial Crimes Enforcement network website.

To raise awareness about the new reporting requirement, the National Ag Law Center will host a March 20 webinar that dives into what the CTA means for many small businesses around the country. The webinar, “Small Entities Must File: Navigating the Corporate Transparency Act’s New Reporting Requirements,” will be held at 11 a.m. Central/noon Eastern and is presented by Kristine Tidgren, director of the Center for Agricultural Law & Taxation at Iowa State University. Registration is online.

Tidgren said the webinar is an opportunity for small business owners to learn and ask questions.

“There are many questions that arise for people regarding the CTA,” Tidgren said. “Do I have to file? What if I open a business in 2024? This webinar will address questions such as these, and I also look forward to answering questions from attendees.”

NALC Director Harrison Pittman said “The CTA is a crucial topic for those in agriculture and beyond. Through NALC outreach and speaking events, what we’ve seen in recent months is that many are not aware of the CTA. Despite its importance, word simply hasn’t been shared with individuals who will be affected. We are aiming to spread the word on the CTA as much as possible before deadlines start taking effect.”

Additional information and resources on the CTA can be found on the Center for Agricultural Law and Taxation website.

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.

For updates on agricultural law and policy developments, subscribe free of charge to The Feed, the NALC’s twice-monthly newsletter highlighting recent legal developments facing agriculture.

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              

 

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