FAYETTEVILLE, Arkansas — 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.

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.