(NAFB.com)  – The National Cattlemen’s Beef Association reminds cattle producers to consult their tax attorneys regarding the Corporate Transparency Act as key deadlines approach at the end of this year. The Act was passed by Congress in 2021 and requires companies to report beneficial ownership information to the Financial Crimes Enforcement Network, a division of the U.S. Treasury. The legislation’s goal is to reduce financial crimes, but the new mandate will impact farmers and ranchers whose operations have fewer than 20 employees and are structured as corporations like Limited Liability Companies. “Farmers and ranchers need to speak with their tax attorneys to make sure they aren’t in violation of this new law and to submit the necessary information to the Network before the December 31 deadline,” says NCBA Tax and Credit Committee Vice Chair Jeff Magee. “Failure to meet the deadlines carries a fine of $500 per day and possible jail time.”